Metaplanet Continues to Load the Boat With Bitcoin (BTC) as Pullback Fails to Shake Its Conviction
- PHPzOriginal
- 2024-07-02 06:08:39959browse
Metaplanet has purchased more Bitcoin (BTC) following the playbook of the U.S. market leader, MicroStrategy.
Public Japanese investment company Metaplanet has further boosted its Bitcoin (BTC) treasury.
According to a Monday statement, the firm has acquired an additional 20.2 BTC for its balance sheet, valued at around JPY200 million (about $1.2 million) as of press time.
The latest Bitcoin purchase follows four previous acquisitions over the last four months, bringing Metaplanet’s total stockpile to 161.27 BTC as of July 1, worth about ¥1.6 billion (over $10.24 million). The average purchase price per Bitcoin stands at $63,500, according to Metaplanet.
Tokyo-listed Metaplanet started purchasing Bitcoin in April to reduce yen exposure amid Japan’s economic adversity. Crypto evangelists have long hailed Bitcoin as a hedge against fiscal and monetary imprudence.
The firm also seeks to offer Japanese investors exposure to crypto through a publicly traded company instead of holding the asset itself, which is subject to a high tax on unrealized crypto gains. It officially adopted BTC as its “core treasury reserve asset” in May and is now Japan’s biggest Bitcoin corporate holder.
“The move is a direct response to sustained economic pressures in Japan, notably high government debt levels, prolonged periods of negative real interest rates, and the consequently weak yen,” the company said at the time.
The company intends to hold Bitcoin for the long term to ensure minimally realized taxable gains and to accumulate as much Bitcoin as possible by issuing long-dated yen debt offerings when the opportunity comes up.
The strategy mirrors that of Tysons Corner, Virginia-based MicroStrategy, the Michael Saylor-founded business intelligence company that in 2020 said it would start building up its Bitcoin cache. Since then, its stock price has often reflected Bitcoin price swings, representing investor sentiment toward the crypto market. MicroStrategy is now the world’s largest corporate owner of Bitcoin, according to bitcointreasuries, holding 226,331 BTC valued at around $14 billion.
Bitcoin, the number one cryptocurrency, has gained 2.48% in the past 24 hours. BTC touched its intraday high of $63,694 earlier today and is currently trading for $63,030.
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