Metaplanet Buys the Dip; Acquires Bitcoin Worth $1.2M

According to an announcement posted on X, Japanese public company Metaplanet has increased its Bitcoin holdings.  

Per the tweet, Metaplanet has acquired an additional 42.466 Bitcoin, worth approximately ¥400 million.

*Metaplanet purchases additional 42.47 $BTC* pic.twitter.com/dPotWszW1Y

— Metaplanet Inc. (@Metaplanet_JP) July 8, 2024

Metaplanet currently holds 203.734 BTC

This latest purchase brings the company’s total Bitcoin holdings to 203.734 BTC.

Metaplanet’s Bitcoin accumulation strategy, which began earlier this year, appears to be following in the footsteps of MicroStrategy, the American company known for its substantial Bitcoin investments.

However, Metaplanet’s moves are particularly noteworthy as it represents the first listed Asian corporation to fully adopt Bitcoin as its treasury reserve asset.

According to analyst EchoeWeb, Metaplanet is not just using its cash reserves to acquire Bitcoin. The company disclosed that it issued one billion yen in bonds on June 24, using the proceeds to buy more Bitcoin.

This debt-financed acquisition strategy demonstrates Metaplanet’s strong conviction in Bitcoin’s long-term value proposition.

Metaplanet is setting a precedent for other Asian corporations using its bold Bitcoin strategy. The company has used almost 1.65 billion yen to fund its overall BTC purchase.

What’s even more interesting is that the purchase comes amidst the market dump. Data shows that Bitcoin is hovering around the $57,000 level, down 8.3% in the last seven days.

The current price is considerably lower than Bitcoin’s new all-time high this year of $73,750. While Mt. Gox has begun distributing Bitcoin to creditors and the German government continues offloading Bitcoin, Metaplanet has strategized its move to acquire more Bitcoin.

Also Read: Mt. Gox Bitcoin Distribution Effects: Industry Veterans Weigh In