Tokyo-listed investment firm Metaplanet Inc. announced the purchase of $2 million worth of Bitcoin on September 9. A statement from the Japanese firm revealed that the firm’s Bitcoin holding had grown to 398.8 BTC, worth over 3 billion JPY. Metaplanet’s stocks rose by 4.42% after its latest Bitcoin acquisition.
Metaplanet announced a 10.08 billion JPY gratis allotment of the 11th series of stock acquisition on August 6 and disclosed that the proceeds would go towards the purchase of additional Bitcoin. According to Metaplanet, the stock acquisition rights were allotted gratis to all common shareholders as of September 5, but the company would acquire any stock acquisition rights not exercised by October 15 for no consideration.
The exercise price for each stock acquisition right was pegged at 555 JPY according to the August 6 Metaplanet statement.
Metaplanet adds 38.464 BTC to its Bitcoin reserve valued at ¥3.75B
*Metaplanet purchases additional 38.46 $BTC* pic.twitter.com/vdnRt8O07c
— Metaplanet Inc. (@Metaplanet_JP) September 10, 2024
According to a September 10 statement from Metaplanet Inc., the company revealed that it had purchased an additional 38.464 BTC valued at ¥300 million. The statement also confirmed that Metaplanet’s Bitcoin holdings had increased to 398.832 BTC worth an aggregate of ¥3.75 billion at an average purchase price of ¥9.4 million per Bitcoin.
In an earlier statement released on May 13, 2024, Metaplanet Inc. announced that it was making strategic treasury changes to adopt Bitcoin as its main reserve asset. The statement revealed that Metaplanet’s move to adopt Bitcoin as its reserve asset was in response to persisting adversities in the Japanese economy. Metaplanet also declared that it aimed to utilize the entire range of capital market instruments to increase its BTC holdings.
Data from Bitcointreasuries showed that Metaplanet’s Bitcoin reserve had grown from 117.7 BTC ($7.2M) in May to the current 398.8 BTC ($26M). According to Metaplanet, Bitcoin’s monetary policy was ‘rigidly set in stone’ through 2140 which set it apart from competing crypto projects operated at the whims of ‘centralized developer teams’ and monetary metals.
Metaplanet Inc. builds on strategic partnerships for BTC management
An earlier statement released on September 2 announced a strategic partnership between Metaplanet Inc. and SBI VC Trade Co. Ltd. for Bitcoin transactions, custody, and management. Metaplanet asserted that the partnership was part of an ongoing effort to engage Japanese industry leaders in the accumulation of Bitcoin.
According to Metaplanet, the partnership’s key element was access to compliant corporate custody services that prioritized tax efficiency and offered the potential to use Bitcoin as financing collateral. Metaplanet affirmed that this move aligned with its vision of a modern financial services provider and added flexibility to its corporate strategy while complementing its ongoing efforts in financing equity and debt.
As of the time of writing, Coingecko’s data showed that Bitcoin’s price gained 3.7% to $56,864.84 in the last 24 hours with a trading volume of $34.9 million over the same period.
