Tokyo-listed investment firm Metaplanet has continued to pursue its Bitcoin accumulation strategy aggressively. The company recently purchased 38.464 Bitcoin, valued at approximately 300 million yen ($2 million), bringing its total Bitcoin holdings to 398.832 BTC, worth around 3.75 billion yen ($26 million), according to a new company statement.
This latest move reinforces Metaplanet’s commitment to shifting its treasury focus towards Bitcoin, a strategy that has earned it the moniker “Asia’s MicroStrategy.” The firm recently completed a campaign it started since May 2024 to acquire ¥1 billion worth of cryptocurrency.
Metaplanet’s Board of Directors endorsed this pivot towards Bitcoin, citing Japan’s high debt levels, negative interest rates, and a weakening yen as key motivators.
The company’s commitment to this strategy is further demonstrated by its August 8 announcement that it has secured a one billion yen ($6.8 million) loan to expand its Bitcoin holdings. This loan, obtained at an annual interest rate of 0.1%, is set to be repaid over six months.
The company also initiated a ¥10.08 billion ($69.44 million) stock acquisition rights allotment, with plans to invest approximately 8.5 billion yen ($58.76 million) of the proceeds in Bitcoin.
In another move to strengthen its Bitcoin strategy, Metaplanet has formed a strategic partnership with SBI VC Trade, the cryptocurrency division of SBI Holdings. Announced on September 2, 2024, this collaboration aims to enhance both companies’ capabilities in Bitcoin trading, storage, and management. SBI VC Trade will provide Metaplanet with a compliant corporate custody service, emphasizing tax efficiency and the use of Bitcoin as collateral for financing.
Metaplanet views this partnership as a crucial step in advancing its Bitcoin accumulation strategy while working alongside leading Japanese industry stakeholders. As the company continues to expand its Bitcoin holdings and forge strategic alliances, it solidifies its position as a significant player in the cryptocurrency investment landscape, particularly within the Asian market.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
