- The acquisition was funded by the company’s recent bond issue.
- Metaplanet’s Bitcoin holdings increased to little more than 240 BTC.
A recent purchase has expanded the Bitcoin holdings of Metaplanet, a prominent Japanese investment firm. This decision reflects the firm’s increasing confidence in Bitcoin as a valuable asset and complements the broader trend of more institutions investing in cryptocurrency.
Metaplanet, also known as “Asia’s MicroStrategy,” revealed a huge purchase of Bitcoin for ¥1 billion ($6.25 million) on Monday. The proceeds from the recent issue of bonds were used to finance this acquisition. Metaplanet has decided to use Bitcoin as part of its investing strategy to diversify and hedge against economic unpredictability.
Banking on Bitcoin
A large bitcoin purchase was previously approved by Metaplanet’s directors. Plans to purchase Bitcoin valued at 1 billion yen, or around $6.25 million, were disclosed earlier on Monday.
The acquisition was funded by the company’s recent bond issue, according to the statement. Metaplanet plans to keep its Bitcoin holdings for the foreseeable future. On the other hand, they will record the same amount as current assets if they use it for operational expenses or other purposes.
Metaplanet has dealt with Bitcoin before. Three different purchases of Bitcoin have been made by them in the last two months. With their most recent acquisition of 23.25 BTC, valued at about $1.59 million, Metaplanet increased its total Bitcoin holdings to 141.07 BTC. After this purchase on June 24, Metaplanet’s Bitcoin holdings will increase to little more than 240 BTC, which, at the present price, is equivalent to around $15 million.
The depreciating yen and mounting Japanese debt have led Metaplanet to seek to hedge its bets by purchasing Bitcoin. The Japanese government has a large debt load, and the economy hasn’t benefited from interest rates being at zero for some time.
Highlighted Crypto News Today:
