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In summary
- Metaplanet purchased 619.7 BTC for $60.5 million, increasing its total holding to 1,761.98 BTC valued at over $164 million.
- The Japanese firm issues debt to accelerate Bitcoin purchases, replicating MicroStrategy’s strategy.
- Metaplanet shares fell after announcing its focus as a “Bitcoin treasury” in Japan.
A little-known Japanese investment firm that made headlines for its Bitcoin purchases just acquired more of the largest Cryptocurrency.
Tokyo Stock Exchange-listed Metaplanet announced on Monday that it had purchased 619.7 Bitcoin for a total of 9.5 billion yen ($60.5 million) — its largest single purchase of BTC.
Just last week, Metaplanet said it would accelerate its Bitcoin purchases by issuing debt. As of Monday, he owned 1,761.98 Bitcoin. That equates to more than $164 million worth of the largest digital asset at current prices.
The company is copying the investment model established by the American software company MicroStrategy, which in 2020 began buying Bitcoin as a strategy to give shareholders the best value for their money. He now owns 444,262 BTC, valued at more than $41 billion, after his last purchase.
MicroStrategy works to secure Bitcoin, purchasing the asset and allowing investors to gain exposure through its Nasdaq-listed stocks.
But in Japan, not everyone with exposure to Metaplanet might be happy with the company copying MicroStrategy: The company’s shares fell sharply last week following news that the company would become a “Bitcoin treasure” with a “responsibility as a pioneer in the country’s Bitcoin ecosystem.”
Edited by Andrew Hayward
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