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Metaplanet boosts Bitcoin holdings to $40.6M after recent buy

Metaplanet boosts Bitcoin holdings to $40.6M after recent buy

GrafaGrafa2024/10/08 02:30
By:Isaac Francis

Japanese investment firm Metaplanet, often compared to MicroStrategy for its Bitcoin (CRYPTO:BTC) strategy, announced it has acquired an additional 108.786 Bitcoin, worth $6.7 million.

The purchase increases the firm’s total Bitcoin holdings to 639.5 BTC, valued at over $40 million.

This follows Metaplanet’s April decision to begin adding Bitcoin to its balance sheet as part of a broader strategy aimed at blending finance and digital innovation.

Metaplanet, a publicly-traded company on the Tokyo Stock Exchange, has embraced a similar approach to MicroStrategy, the U.S.-based business intelligence firm that pioneered the practice of using Bitcoin as a treasury reserve.

MicroStrategy currently holds 252,220 Bitcoin, worth approximately $15.9 billion.

Metaplanet’s recent Bitcoin purchase signals its continued commitment to this strategy, though its holdings remain smaller than MicroStrategy’s.

The firm’s April Bitcoin acquisition, valued at 1 billion yen, marked the start of its digital asset strategy.

At that time, Metaplanet emphasized its goal of leading a financial future that merges innovation with digital assets.

This approach has earned the company the nickname “Japan’s MicroStrategy,” as it follows a similar path by investing heavily in Bitcoin to enhance shareholder returns.

MicroStrategy’s strategy, initiated in 2020, involved using debt to acquire Bitcoin, positioning the asset as a long-term store of value.

The firm’s co-founder and chairman, Michael Saylor, has promoted the idea of other companies adopting a similar Bitcoin reserve strategy.

Metaplanet’s growing Bitcoin reserves demonstrate how the firm is following this playbook, with hopes of securing long-term gains from the cryptocurrency.

At the time of writing, the Bitcoin price was $62,501.34.

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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.

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