Japanese investment firm Metaplanet has boosted its Bitcoin portfolio, purchasing an additional 20.38 Bitcoin valued at $1.2m.
The company disclosed the acquisition on Monday, which followed a ¥200m ($1.4m) Bitcoin purchase last week. Earlier in the month, the firm added another 42.47 Bitcoin to its holdings, worth $2.3m.
This recent buy is Metaplanet’s fourth Bitcoin acquisition in July, raising its total holdings to nearly 246 BTC, with an estimated value of $16.7m.
*Metaplanet purchases additional 20.38 $BTC* pic.twitter.com/xt1AjSWPNL
— Metaplanet Inc. (@Metaplanet_JP) July 22, 2024
After Monday’s transaction, the company stated that it had finalized the acquisition of Bitcoins worth 1 billion yen ($6m).
Metaplanet has been buying Bitcoin since April to protect itself from Japan’s weak yen. The Japanese investment firm says it is using Bitcoin as a shield against inflation and economic instability driven by the country’s low-interest rates.
Following its all-in approach to Bitcoin, similar to the US firm Microstrategy, Metaplanet has earned the nickname “Asia’s Microstrategy.” To keep stockpiling Bitcoin, the company plans to use long-term yen debt and occasionally issue new shares, ditching the increasingly weak Japanese currency.
Metaplanet’s stock price has skyrocketed, making it one of the well-performing Japan-listed companies. Its stock soared 25% on Monday, while it is up over 104% in the last month alone.
The company has said that its Bitcoin holdings intended for long-term retention would be documented at their purchase cost. These holdings are not subject to taxation based on end-of-period market value assessments.
Additionally, the company mentioned that its other Bitcoin holdings would be appraised at market
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