Japan’s Metaplanet buys additional $2 million in bitcoin, raising total holdings to $26 million
The Tokyo-listed firm said that it bought an additional 38.4 bitcoin.This purchase brings its total bitcoin holdings to 398.8 BTC.
Japanese investment firm Metaplanet Inc. announced today that it purchased an additional 38.464 bitcoin worth about 300 million yen ($2 million), as the company remains optimistic on the world’s largest cryptocurrency.
The Tokyo-listed firm disclosed in a statement that the latest purchase brought its total bitcoin holdings to 398.832 bitcoin, or about 3.75 billion yen ($26 million).
Bitcoin BTC +3.39% climbed 3.12% over the past 24 hours to trade at $56,732 at the time of writing after plunging to a low of around $52,700 earlier this week, according to The Block’s price page .
Metaplanet’s stock traded 4.42% higher on Tuesday in Japan, changing hands at around 1,086 yen after reaching a high of around 2,000 yen earlier today, according to Yahoo Finance. The stock is still trading in the afternoon session. The Nikkei 225 index remained nearly flat, edging up 0.02%.
Metaplanet has been on a bitcoin buying spree in recent months after announcing in May that it had started to adopt bitcoin as its strategic treasury reserve asset . “The move is a direct response to sustained economic pressures in Japan, notably high government debt levels, prolonged periods of negative real interest rates, and the consequently weak yen,” the firm said at the time.
On Monday, Metaplanet announced that its management will exercise the 11th series of stock acquisition rights, with proceeds worth 299.7 million yen. “The funds received will be used to purchase bitcoins,” the company said.
Last week, Metaplanet also said that it has partnered with SBI VC Trade, the crypto arm of Japanese financial conglomerate SBI Group, for “access to a compliant corporate custody service that prioritizes tax efficiency and offers the potential to utilize bitcoin as collateral for financing.”
Meanwhile, Michael Saylor-led MicroStrategy remains the largest corporate bitcoin holder, owning 226,500 BTC, according to BitcoinTreasuries data . Marathon Digital follows this record with 25,000 BTC.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Microsoft (MSFT.US) 365 services experience second major outage this year, affecting multiple government agencies and enterprises worldwide
Despite a "partial recovery," the latest Microsoft service outage continued into Asia-Pacific business hours.
Nvidia (NVDA.US) New CEO Candidates and Market Predictions: Trump Nominates Cook as Successor
As the successor remains uncertain, external voices have already begun to "make choices" for Nvidia.
Safe haven halo fails? US Treasury sell-off returns, Wall Street just breathed a sigh of relief and is startled again
Just as global bond investors began to believe that the worst phase of this year's sell-off had passed, the surge in U.S. Treasury yields has forced them to reassess that judgment.
Before the Jensen Huang scandal broke out, the Quant King precisely cleared out Nvidia!
The latest 13F filing shows that quantitative giant Renaissance Technologies almost completely sold off its holdings in Nvidia (reduced by 99.7%), Meta (reduced by 99.9%), as well as other tech giants like Apple and Amazon in the third quarter, and significantly reduced its position in Palantir. At the same time, it heavily increased its holdings in Micron Technology (up by 618.7%), AMD, and SanDisk, as well as other storage and chip stocks.
Crypto prices
More
