The Japanese investment firm, which has been described as the Asian country’s answer to MicroStrategy, the American software company that pioneered the Bitcoin treasury reserve strategy, has purchased even more BTC.
Metaplanet, a publicly traded company listed on the Tokyo Stock Exchange, announced on Monday that it had purchased 108.786 bitcoins for 1 billion yen ($6.7 million). It currently holds 639.5 Bitcoins, worth over $40 million today.
The company provides professional consulting services that help businesses implement the largest digital assets by market capitalization.
Metaplanet bought 1 billion yen worth of assets in April, scraping MicroStrategy’s plan to put Bitcoin on its balance sheet.
The Japanese company said at the time that this was part of its strategy to “not only embrace digital assets, but also pioneer a future where finance and innovation converge at the core.”
The company has since been called Asia’s answer to MicroStrategy, Bitcoin’s largest public holder, but Metaplanet’s holdings currently pale in comparison to the assets that inspired it. MicroStrategy currently holds 252,200 Bitcoins, or “digital gold” worth $15.9 billion.
Tyson, Virginia-based MicroStrategy began buying Bitcoin in 2020 as a way to get the best outcome for shareholders instead of holding on to excess cash. As a result, the company’s stock price soared, and the company, which sells data analysis software, has now rebranded itself as a “Bitcoin Development Company.”
proud to share ours #bitcoin Per share (Satoshi unit). Each bar represents the amount of Bitcoin held per share, and we can see that it has steadily increased since the adoption of the Bitcoin standard. Our goal is to continue to grow BTC per share for long-term shareholder value. @Metaplanet_JP pic.twitter.com/afkOSVkIsV
— Simon Gerovich (@gerovich) September 17, 2024
The company uses debt to buy Bitcoin and securitize its assets, giving investors exposure to the cryptocurrency by buying shares in the company, but the company’s co-founder and chairman, Michael・Saylor is directing other companies to do the same.
Edited by Andrew Hayward
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