Metaplanet Inc. Expands Bitcoin Holdings

Japanese investment firm Metaplanet Inc. has invested nearly $61 million to acquire more bitcoin, maintaining its bullish outlook on the cryptocurrency.

On Monday, Metaplanet announced the purchase of 619.7 BTC for approximately $58.9 million based on current market prices, totaling 9.5 billion yen ($60.6 million) at an average cost of 15.3 million yen ($97,786) per bitcoin. This acquisition brings the firm’s total bitcoin holdings to 1,761.98 BTC, valued at around $167.1 million.

The Tokyo-listed company made this purchase after raising 9.5 billion yen ($60.6 million) through bond issuance last week, with the intent of accelerating its bitcoin acquisitions. Metaplanet has adopted Bitcoin as a strategic treasury reserve asset since May and has been actively buying.

As for Metaplanet’s stock, it closed down 0.98% at 3,540 yen on Monday, despite a year-to-date increase of 1,982%, as noted by Yahoo Finance.

At the same time, Bitcoin experienced a 1% drop within the last 24 hours and was trading at $95,221. Ether saw a 1.2% decline, reaching $3,292. The Block’s GMCI 30 index, tracking the top 30 cryptocurrencies, decreased by 0.93% over the day.

In comparison, MicroStrategy remains the largest public corporate bitcoin holder, possessing 439,000 BTC, based on data from BitcoinTreasuries.