Japanese Investment Adviser Metaplanet Increases Bitcoin Holdings

Metaplanet, a publicly listed Japanese investment adviser, has recently announced a strategic move to increase its bitcoin holdings. The company revealed that it has purchased over 20.2 bitcoin (BTC) as part of a $6 million investment plan to bolster its BTC treasury.

The Tokyo-based firm disclosed that it acquired 200 million yen ($1.2 million) worth of bitcoin, bringing its total BTC holdings to 161.3. This decision was shared with the public through a statement on its website and social media platform X following the close of trading on the Tokyo Stock Exchange.

About a week ago, Metaplanet had declared its intention to expand its bitcoin portfolio by investing an additional $6 million in BTC. Prior to this latest acquisition, the company already possessed $9 million worth of bitcoin. The shift towards bitcoin investments was attributed to changes in the investment landscape caused by the Covid-19 pandemic, as stated on the Metaplanet website.

This move by Metaplanet to accumulate bitcoin echoes the strategy employed by MicroStrategy, a software developer based in Tysons Corner, Virginia. MicroStrategy has been steadily acquiring BTC for nearly four years and currently holds over 226 BTC, amounting to more than 1% of the total supply of bitcoin that will ever be generated.

Following the announcement, Metaplanet’s shares experienced a 1% increase in value, showcasing positive market reaction to the company’s bitcoin investment initiative.