Japanese investment firm Metaplanet has increased its Bitcoin holdings, pushing its stock price up by 5.9% on the Tokyo Stock Exchange. On September 10, Metaplanet announced it had bought an additional 38.46 Bitcoin for $2.1 million (300 million yen), bringing its total holdings to 398.8 Bitcoin. These Bitcoins are now worth around $23 million.
Steady Accumulation of Bitcoin
According to Bitcoin Treasuries, this marks the firm’s tenth Bitcoin purchase since its first on April 23. Despite these efforts, Metaplanet’s overall Bitcoin investment is down by 13.3%, with the cryptocurrency currently trading at $57,520, a 1.5% increase in the last 24 hours.
Metaplanet’s decision to invest in Bitcoin has positively impacted its share price, which has risen by 480% since it began its Bitcoin investment strategy in April.
Metaplanet now ranks 27th in terms of corporate Bitcoin holdings worldwide and holds the third-largest stash in Asia.
Metaplanet Plans to Increase Bitcoin Reserves
In May, Metaplanet revealed plans to use various financial tools to expand its Bitcoin reserves, similar to the approach taken by MicroStrategy. In August, the firm followed through by securing a $6.8 million (1 billion yen) loan to buy more Bitcoin.
Metaplanet’s CEO, Simon Gerovich, shared at the July Bitcoin Conference that the firm’s Bitcoin strategy is aimed at protecting against Japan’s rising debt and the weakening yen.
