Metaplanet Buys Additional ¥300 Million Worth of Bitcoin

Credit : bitcoinmagazine.com

Metaplanet, a publicly traded Japanese firm, announced it had bought 38.6 Bitcoin for 300 million yen (about $2.2 million), bringing its whole Bitcoin holdings to 398.8 BTC.

JUST IN: 🇯🇵 Japanese listed firm Metaplanet acquires one other ¥300 million #Bitcoin pic.twitter.com/xJmnAdDrMG

— Bitcoin Journal (@BitcoinMagazine) September 10, 2024

This newest Bitcoin acquisition comes after Metaplanet introduced in August that it will increase 10.08 billion yen to purchase extra Bitcoin, a part of its broader enterprise technique to allocate cash to Bitcoin.

Metaplanet adopted a pro-bitcoin funding coverage for the primary time earlier this 12 months and has been steadily build up Bitcoin. The corporate now owns a complete of 398.8 bitcoins, bought for about 3.75 billion yen (about $27.6 million).

The continued build-up of Bitcoin treasuries with Metaplanet mimics the playbook of MicroStrategy, which has raised debt to purchase Bitcoin. Public firms seem to have found a mannequin for buying Bitcoin.

Different firms pursuing this technique embody Marathon Digital Holdings, which not too long ago raised $250 million by means of convertible bond choices to purchase extra Bitcoin, and Semler Scientific, which equally introduced plans to lift extra money to purchase extra Purchase Bitcoin.

Firms can make the most of Bitcoin’s appreciation potential by borrowing fiat cash at low rates of interest to buy Bitcoin. This permits public firms to achieve publicity to Bitcoin with out liquidating present property.

Disclaimer: Bitcoin Journal is wholly owned by BTC Inc., which additionally operates UTXO managementa regulated capital allocator centered on the digital property sector and investing in Metaplanet. UTXO invests in quite a lot of Bitcoin firms and maintains important stakes in digital property.