Hold onto your hats, folks! Metaplanet Inc. is making waves in the crypto world yet again. The Japanese investment giant just snagged another 107.913 BTC, shelling out about a billion yen ($6.9 million) for the treasure. This latest shopping spree pushes their total Bitcoin stash to a hefty 506.745 BTC, valued around $32.2 million at today’s prices.
What’s the buzz? Well, they bought this batch at an average price of 9.26 million yen per Bitcoin, which is roughly $64,168 each. Adding this up, Metaplanet’s grand total Bitcoin investment now stands at a whopping 4.75 billion yen ($31.9 million), with an average cost per BTC of 9.37 million yen ($64,931).
And guess what? The market loved it! Following the announcement, Metaplanet’s stock price took a nice little 2.12% jump, trading at 1,012 yen on the Tokyo Stock Exchange. Not too shabby!
This isn’t their first rodeo. Metaplanet has been on a Bitcoin buying binge since May, making it a core part of their treasury reserve. They’ve been snapping up BTC in chunks: 38.46 BTC in September, 42.4 BTC in July, 19.87 BTC in May, and a whopping 97.85 BTC back in April. They even grabbed a $6.8 million loan earlier this year to fuel their crypto appetite.
Why the Bitcoin obsession? Well, with all the economic hoopla post-COVID, Metaplanet sees Bitcoin as a shiny hedge against inflation and currency devaluation. Think of it as their financial safety net.
Some folks are comparing Metaplanet’s strategy to that of MicroStrategy in the U.S., led by Bitcoin enthusiast Michael Saylor. MicroStrategy holds a jaw-dropping 252,220 BTC, making them the biggest Bitcoin holder among public companies. Marathon Digital is trailing behind with 26,200 BTC.
But wait, there’s more! Metaplanet isn’t just buying Bitcoin; they’re also teaming up with SBI Holdings’ crypto division to beef up their Bitcoin trading, storage, and management game. Plus, they’re planning to raise nearly 300 million yen to buy even more Bitcoin. They’re even exploring the idea of tokenizing their shares on the Bitcoin layer-2 network, Liquid.
So, keep your eyes peeled on Metaplanet. They’re not just riding the Bitcoin wave; they’re making serious moves to stay ahead in the crypto game!
