- August 13, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Japan-based Bitcoin investment firm Metaplanet said it purchased 57.1 BTC for 500 million yen, equivalent to $3.3 million, according to an Aug. 13 statement.
This purchase bolsters the company’s Bitcoin reserve to 303.095 BTC, which was acquired for 2.95 billion yen, approximately $20 million.
Simon Gerovich, the company’s CEO, hinted that the firm could make more future BTC purchases with an “always be stacking” comment on the social media platform X.
With this purchase, Metaplanet has partially fulfilled its plan to purchase 1 billion yen worth of Bitcoin through loan funding from its shareholder, MMXX Ventures Limited.
It is unclear when the firm will make the remaining BTC purchases.
In May, the company revealed its decision to adopt Bitcoin as a key treasury reserve asset. This shift addressed ongoing economic challenges in Japan, including substantial government debt and a persistently weak yen.
Long-term goal
Gerovich stated that the company’s long-term ambition is to become Asia’s leading Bitcoin firm and acquire as much BTC as possible. He explained:
“We are focused on owning as much Bitcoin as possible over time, and through exciting initiatives like Bitcoin Magazine Japan, we aim to onboard countless individuals into the Bitcoin ecosystem.”
Gerovich anticipates that this strategy will help the firm’s stock surpass its competitors on the Tokyo Stock Exchange within the next four years. He draws a parallel to MicroStrategy, whose Bitcoin investments have boosted its stock performance against rivals on the S&P 500. MicroStrategy is the largest publicly traded Bitcoin holder globally and owns over 220,000 BTC, valued at over $13 billion.
Notably, Metaplanet’s BTC pivot is already significantly impacting its stock performance. However, the latest purchase had no impact on its stock, which declined by about 6%, according to Google Finance data.
Nevertheless, the BTC-investing company shares are up 600% on the year-to-date metrics.
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