Japanese investment firm Metaplanet Inc. went bullish on the world’s biggest digital asset and bought 107.913 Bitcoin to its portfolio. The accumulation weighed around 1 billion Yen (approx. $6.9 million). This comes in when BTC price had seen an almost 10% surge in September.
Metaplanet has now joined the list of heavyweights like MicroStrategy (approx. holding 252,220 BTC) and Marathon Digital (approx. holding 26,200 BTC). Earlier, MicroStrategy announced that it acquired approx. 18,300 Bitcoin between August 6 and September 12, 2024.
Metaplanet makes ¥1 billion bet on Bitcoin
As per the fillings, Metaplanet announced that it has added 1 billion Yen worth of Bitcoin at an average price of 9.26 million yen ($64,168) per BTC. It brings their total holdings to 506.745 BTC, approx. worth $32.2 million at current prices.
Overall the investment firm has invested 4.75 billion yen in Bitcoin and it has come with an average acquisition price of 9.37 million yen ($64,931) per BTC. This shows Metaplanet’s emerging commitment to the digital asset market.
Following the news, Metaplanet’s stock also jumped by over 4% to hit the 1,049 yen mark. Meanwhile, the enthusiasm train took a downturn as it is now trading at an average price of 1,008 yen.
Bitcoin price saw a marginal decline over the last 24 hours as it wasn’t able to hold on to the $64,000 mark. BTC is trading at an average price of $63,974, at press time. However, its 24-hour trading volume jumped by around 69% to stand at $35.4 billion. The biggest digital asset is still running up by 51% on the year to date (YTD) basis.
Japan’s investment firm joins BTC gold rush
The Japanese investment adviser seems to be mimicking MicroStrategy’s Bitcoin plan. Back in August, Metaplanet secured a 1 billion yen (approx. $6.8 million) loan to ramp up its BTC purchases. The loan was borrowed from shareholder MMXX Ventures and was earmarked entirely for buying more Bitcoin. The six-month loan carries a low interest rate of 0.1% per year.
Earlier this year, Metaplanet also adopted Bitcoin as a reserve asset to hedge against the volatility of the yen. This comes in line with the MSTR strategy where it has been acquiring Bitcoin for over four years and now holds over 1% of all BTC that will ever exist.
