Summary:
Metaplanet purchases an additional ¥300 million ($2 million) in Bitcoin.
Total Bitcoin holdings now stand at 398.832 BTC, valued at approximately $22.8 million.
Acquisition made during Bitcoin's recent price dip below $54,000.
Metaplanet's strategy mirrors that of MicroStrategy, focusing on long-term shareholder value.
Metaplanet Expands Bitcoin Holdings
Japanese investment firm Metaplanet has made headlines by purchasing an additional ¥300 million ($2 million) worth of Bitcoin for its corporate treasury. This acquisition was revealed in a filing dated September 10, indicating that the firm acquired 38.464 BTC at an average price of ¥7.8 million ($54,517) during a recent price dip in Bitcoin.
"Thankful for this price action. Have some capital to deploy," tweeted Dylan LeClair, Metaplanet's Director of Bitcoin Strategy, as Bitcoin's price fell below $54,000.
This latest purchase brings Metaplanet's total Bitcoin holdings to 398.832 BTC, purchased for an aggregate of ¥3.75 billion ($26.12 million) at an average price of ¥9.4 million.
Current Valuation of Holdings
At Bitcoin's current price of $57,123, Metaplanet's holdings are now valued at approximately $22.8 million, according to CoinGecko data.
Metaplanet's Strategic Bitcoin Approach
Metaplanet embarked on its aggressive Bitcoin purchasing strategy back in April 2024, describing it as a strategic pivot. LeClair has previously stated that this initiative is "the most valuable thing we can do for our shareholders." The firm has seen its stock price increase significantly from ¥190 ($1.32) to ¥1,101 ($7.69) following this strategy, despite a recent pullback from a high of ¥3,000 ($20.95).
In a recent move, Metaplanet completed a purchase of ¥500 million ($3.4 million) in Bitcoin as part of a broader plan to acquire ¥1 billion worth of Bitcoin, funded by a loan.
Following in the Footsteps of MicroStrategy
Metaplanet's strategy resembles that of U.S. software firm MicroStrategy, which has amassed nearly $13 billion in Bitcoin, representing over 1% of the total Bitcoin supply. MicroStrategy's chairman, Michael Saylor, has even predicted that Bitcoin's price could reach $13 million over the next 21 years, potentially giving it a market cap of $256 trillion.
Edited by Stacy Elliott.
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