In April this year, the Japanese listed company Metaplanet followed in the footsteps of the now well-known MicroStrategy by accumulating more and more Bitcoin (BTC). Like MicroStrategy, Metaplanet regularly purchases the digital currency to protect its reserves against loss of value.
Today, Metaplanet invested a fortune in Bitcoin for the umpteenth time.
Bought more than 100 Bitcoins
Investment firm Metaplanet rebranded Bitcoin in April as its main reserve asset to hedge against the unstable Japanese yen and mounting Japanese government debt. Like MicroStrategy, it is putting excess cash, and borrowed capital, into Bitcoin with the plan to hold it for the long term.
Today, Metaplanet, also known as the Asian MicroStrategy, announced in a press release that it has invested a total of approximately 1 billion Japanese yen (6.9 US dollars) in Bitcoin. It did this at an average Bitcoin price of $64,168, meaning it bought 107,913 Bitcoins.
This brings the company’s total BTC treasury to 506,745 Bitcoins, which is equivalent to approximately 32.2 million US dollars. On average, the company has paid US$64,931 per Bitcoin, meaning it is narrowly underwater thanks to the recent correction.
Metaplanet, however, is anything but concerned. The company now seems to have only one goal and that is to acquire as many Bitcoins as possible for the long term. It is not without reason that it has managed to find a place in the Bitcoin news so often in recent months.
MicroStrategy has almost 500x that amount
While the amounts allocated to Bitcoin are consistently lower than what we have come to expect from MicroStrategy, it remains positive that there are still companies so committed to this decentralized asset. If more companies adopt Bitcoin as a hedge against economic instability, this will not only increase buying pressure but also set off a domino effect.
In any case, it is virtually impossible to dethrone MicroStrategy as the largest listed BTC holder. The American software supplier owns 252,220 Bitcoins, which is almost 500 (!) times as much as what Metaplanet holds. At current Bitcoin prices, MicroStrategy has more than $16 billion worth of Bitcoins on its balance sheet.
Source: https://newsbit.nl/japanse-metaplanet-steekt-voor-de-zoveelste-keer-miljoenen-in-bitcoin/
