Metaplanet Boosts Bitcoin Holdings with Another Purchase

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Cryptodnes2024/08/20 14:15

By:Cryptodnes

Metaplanet, a company based in Japan, has recently strengthened its Bitcoin portfolio with a purchase totaling 500 million yen.

This move aligns with its ongoing Bitcoin investment strategy. The company’s stock saw a notable increase of nearly 13% on Tuesday after CEO Simon Gerovich shared news of the latest acquisition.

On August 20, Metaplanet revealed that it had added 57.273 BTC, valued at approximately $3.39 million, to its reserves. This brings the company’s total Bitcoin holdings to 360.368 BTC, acquired at an average cost of around 9.57 million yen per Bitcoin.

Known for its aggressive crypto investments, Metaplanet has now invested 3.45 billion yen in Bitcoin.

Bitcoin Supply Shrinks as Holders Refuse to Sell

Just a week earlier, Metaplanet made a similar purchase of 57.103 BTC, also worth 500 million yen, supported by a low-interest loan of 1 billion yen at 0.1% APR.

Taking advantage of Japan’s minimal borrowing costs, the company is using loans to expand its cryptocurrency holdings, leveraging the yen’s low rates to gain higher returns on global assets.

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