Metaplanet buys another ¥400 million in Bitcoin
Metaplanet, a Japanese company originally specializing in operating hotels, has announced the purchase of an additional ¥400 million (about $2.5 million) in Bitcoin, continuing its strategy of using Bitcoin as a treasury reserve asset. On July 8, Metaplanet acquired 42,466 Bitcoin, bringing the company's total holdings to about 203 Bitcoin. These were purchased for around ¥2.05 billion (about $12.7 million) at an average price of ¥10 million (about $62,000) per coin.
Similarity to MicroStrategy’s strategy
Metaplanet's strategy is similar to that of MicroStrategy, a US software company that has accumulated over 200,000 Bitcoin. These holdings are now worth $15 billion, making MicroStrategy the largest corporate holder of Bitcoin. Metaplanet's share price often reflects the performance of the Bitcoin market, thus providing investors with indirect Bitcoin exposure. The company believes this strategy mitigates the risk of yen depreciation. The yen has been heavily depreciated due to the Bank of Japan's continued low interest rates, despite global monetary tightening trends.
Consistent Bitcoin purchase as a commitment to the future
Although the amounts are relatively small in comparison, Metaplanet's consistent Bitcoin purchase shows a strong commitment, similar to that of "Asia's MicroStrategy." The company aims to profit from future Bitcoin adoption.
