Japanese Investment Firm Metaplanet Bolsters Bitcoin Holdings with ¥250 Million Purchase

Japanese investment firm Metaplanet has revealed it purchased an additional ¥250 million ($1.6 million) worth of Bitcoin, taking its total BTC holdings to 141

Japanese investment firm Metaplanet has announced a new ¥250 million ($1.6 million) purchase of Bitcoin, adding to its total BTC holdings which are now valued at around $9.4 million.

The announcement comes as Metaplanet's stock price surged by 9.9%, and marks the third time the company has revealed a Bitcoin purchase since going public. The investment firm has made Bitcoin a reserve asset in an effort to reduce its exposure to Japan's high national debt and the subsequent volatility in the yen.

According to data from Statista, Japan's net debt to gross domestic product (GDP) ratio was the highest among G7 nations in 2023, reaching approximately 159%.

Metaplanet's Bitcoin strategy appears to mirror that of software developer MicroStrategy, which began purchasing BTC in 2020 and has since amassed 214,400 coins valued at $14.3 billion, making it the world's largest corporate Bitcoin owner.

In other news, Ripple Labs has completed its acquisition of digital asset custodian Standard Custody, in a move that is central to the fintech firm's planned rollout of a U.S. dollar-backed stablecoin and broader real-world asset tokenization goals.

Standard Custody, a New York-based firm, is particularly attractive for its regulatory approval from the New York Department of Financial Services (NYDFS), one of the most stringent financial regulators for digital assets.

Jack McDonald, CEO of Standard Custody, will take on the newly created role of Senior Vice President of Stablecoins at Ripple, while also maintaining his position at Standard Custody.

The acquisition follows Ripple's 2023 purchase of Metaco, another digital asset custody firm, for $250 million.

Together, these acquisitions highlight the growing institutional interest in cryptocurrencies and digital assets, as well as the anticipation that the market will continue to expand in the coming years.

According to a report by Chainlink Labs, the institutional cryptocurrency market is expected to reach $10 trillion by 2030, driven by banks offering custody services for digital assets.

Furthermore, industry players such as Ripple, Chainlink and Algorand are optimistic about the potential for real-world asset tokenization, which Chainlink estimates could reach $800 trillion if all the world's capital assets are tokenized.

News source：https://www.kdj.com/cryptocurrencies-news/articles/japanese-investment-firm-metaplanet-bolsters-bitcoin-holdings-purchase.html

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