Metaplanet Inc. has acquired an additional 38.464 Bitcoin, valued at approximately ¥300 million ($2 million), according to a Sept. 10 statement.
This latest purchase brings Metaplanet’s total Bitcoin holdings to 398.832 BTC, worth about ¥3.75 billion ($26 million).
According to Yahoo Finance data, following the acquisition, Metaplanet’s stock rose 4.42% to ¥1,086. The stock is up more than 500% year-to-date.
Metaplanet’s Bitcoin strategy
Over the past months, Metaplanet has consistently increased its Bitcoin holdings as part of its strategy to utilize the flagship digital asset as a strategic treasury reserve.
This approach was a response to Japan’s economic difficulties, such as high government debt, negative interest rates, and the declining value of the yen.
On Sep. 9, the company announced plans to exercise stock acquisition rights to raise ¥299.7 million for further Bitcoin investments.
This comes after the company partnered with SBI VC Trade, a subsidiary of the SBI G
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