In April of this year, the listed Japanese company Metaplanet followed the path of the now well-known company MicroStrategy by increasingly accumulating Bitcoin (BTC). Similar to MicroStrategy, Metaplanet regularly purchases the digital currency to protect its reserves from loss of value.
Today Metaplanet has once again made a significant investment in Bitcoin.
Acquired over 100 Bitcoins
Investment firm Metaplanet declared Bitcoin its top reserve asset in April to hedge against the fluctuating Japanese yen and the Japanese government’s rising debt. Like MicroStrategy, Metaplanet invests excess cash reserves and borrowed capital in Bitcoin, with the plan to hold them for the long term.
Today, Metaplanet, also known as the “Asian MicroStrategy,” announced in a Press release said it has invested a total of about 1 billion Japanese yen ($6.9 million) in Bitcoin. This happened at an average Bitcoin price of $64,168, resulting in the company acquiring 107,913 Bitcoins.
This means the company’s total Bitcoin hoard now stands at 506,745 Bitcoins, which is approximately $32.2 million. The company paid an average of $64,931 per Bitcoin, meaning it is slightly underwater due to the recent price correction.
However, Metaplanet is completely unconcerned. The company seems to have only one goal: to acquire as many Bitcoins as possible in the long term. It’s no coincidence that it’s been popping up in Bitcoin news over and over again in recent months.
MicroStrategy owns almost 500 times as much
Although the amounts that Metaplanet invests in Bitcoin are smaller than those of MicroStrategy, it is still a positive sign that there are still companies that remain loyal to this decentralized asset. If more companies were to use Bitcoin as a hedge against economic instability, it would not only increase buying pressure but also trigger a domino effect.
However, it remains almost impossible to surpass MicroStrategy as the largest publicly traded Bitcoin holder. The American software provider currently owns 252,220 Bitcoins, which is almost 500 times more than what Metaplanet owns. At the current Bitcoin price, MicroStrategy holds over $16 billion in Bitcoin on its balance sheet.
