Japanese investment firm Metaplanet has been buying Bitcoin at a rapid pace. This week, the company added 21.877 BTC to its portfolio, bringing its total to 225.611 BTC.
With Bitcoin’s current price, the company’s holdings are now valued at nearly $14.8 million. This investment move seems to be paying off, as the company’s shares have surged significantly this year. There was a notable spike in May after the company announced its Bitcoin investments.
Metaplanet Rises in Global BTC Rankings
Metaplanet is now the 21st largest corporate holder of Bitcoin worldwide, according to CoinGecko. The market has reacted positively to this news, with Metaplanet’s shares – traded under the ticker 3550 on the Tokyo Stock Exchange – jumping 60% to ¥145 in the last five days. In the past 24 hours alone, shares increased by nearly 16%, marking over an 800% gain for the year.
The company’s first Bitcoin purchase was on April 23rd, when it bought 97.85 BTC. Other purchases followed: 19.87 BTC on May 10th, 23.351 BTC on June 11th, 20.195 BTC on July 1st, 42.46 BTC on July 8th, and the latest 21.877 BTC on July 16th.
A Strategy Similar to MicroStrategy
Metaplanet’s approach is similar to that of MicroStrategy, often referred to as “Asia’s MicroStrategy.” The company finances its Bitcoin buys through bond sales, reflecting a growing trend of institutional Bitcoin adoption.
Japan’s economic challenges, including high government debt, negative real interest rates, and a weak yen, have influenced Metaplanet’s decision to invest in Bitcoin. The firm views the crypto asset as “fundamentally superior” to other forms of currency and investment.
