Metaplanet, a publicly traded Japanese company, has made another significant investment in Bitcoin, purchasing ¥500 million (approximately $3.7 million) worth of Bitcoin. This latest acquisition adds 57.273 bitcoins to the company's treasury, bringing its total holdings to 360.368 bitcoins. The company has spent a total of ¥3.45 billion (around $25.6 million) to accumulate its current Bitcoin reserves.
Metaplanet boosts its #Bitcoin treasury with an additional 57.27 BTC, bringing their total holdings to 360.3 BTC. pic.twitter.com/7eQvvKHTzx
— TFTC (@TFTC21) August 20, 2024
This recent purchase follows Metaplanet's aggressive strategy to increase its Bitcoin holdings. The company had secured a ¥1 billion loan last week specifically for Bitcoin acquisition, a move reminiscent of the strategy employed by MicroStrategy, an American firm known for its substantial Bitcoin holdings. Since 2020, MicroStrategy has raised capital through debt and equity offerings to acquire over 226,500 bitcoins.
Metaplanet first announced its intention to raise ¥10.08 billion through a public offering on August 6, with the funds earmarked for Bitcoin purchases. The company has since used part of these funds, along with the recent loan, to expand its Bitcoin treasury significantly.
The trend of public companies acquiring Bitcoin as a treasury reserve asset is gaining momentum. Alongside Metaplanet, other firms like Marathon Digital Holdings and Semler Scientific have also raised capital through convertible notes and equity issuances to purchase Bitcoin.
