Japanese firm Metaplanet, a Bitcoin-stacking firm, acquired additional 156 Bitcoins as its CEO said the firm is exploring a potential listing outside of Japan, such as the United States.
The Bitcoins cost Metaplanet approximately $13.4 million, with the price of an individual coin at $85,890, according to a statement released on March 3.
The entire Bitcoin holding of the company increased to 2,391, with the company’s total coin purchases amounting to $196.3 million so far, with an average purchasing cost of $82,100 per Bitcoin.
Metaplanet uses Bitcoin to hedge against the economic uncertainty in Japan
Metaplant’s decision to stock up on Bitcoin compares with Strategy’s (formerly MicroStrategy), a Bitcoin treasury company that added 20,356 more coins costing about $2 billion.
This move placed the company in a rare class as it currently holds roughly 2.3% of the entire Bitcoin supply. By increasing its reserves, Metaplanet plans to use Bitcoin to preserve its wealth in an unstable global economy.
Because of Japan’s national debt-to-GDP ratio of >250%, low interest rates, and loose monetary policy, investors fear for the currency’s long-term stability. These issues force companies to look for alternative assets that can protect their wealth against Japan’s depreciating currency, which ultimately leads to inflation.
Apart from filling its wallet with BTC, Metaplanet is keen on obtaining a secondary listing in the United States that will make it available to institutional investors who will invest in shares, factoring into its stock value.
An American listing would also help the company raise more capital, since it would have improved access to a market that is more friendly to investors.
Metaplanet (MTPLF) shares have already been in circulation on OTC since November, which means more international investors will access the company’s shares. Since MTPLF was launched on November 22, it has seen a staggering 530% rise, making the company one of the best-performing participants on the Tokyo Stock Exchange.
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