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Metaplanet Moves to Buy More Bitcoin (BTC)
Godfrey Benjamin
Metaplanet Kicks Off July With 200 Million Yen Bitcoin (BTC) Purchase
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Japanese publicly traded company Metaplanet Inc. is doubling down on its Bitcoin (BTC) strategy, as the company has just announced a new round of shopping.
Metaplanent bags are now bigger
According to the update, Metaplanent purchased a total of 20,195 Bitcoin units for an average of 9,903,440 yen per BTC acquired. This latest tranche was valued at approximately 200 million yen, or $1,242,180.
Metaplanet began its Bitcoin accumulation strategy earlier this year as it seeks to copy MicroStrategy’s playbook. The company is now the first publicly traded Asian company to fully adopt Bitcoin as a treasury reserve asset.
Metaplanent is now more consistent with its Bitcoin accumulation strategy than MicroStrategy. As reported Previously from U.Today, Metaplanet now makes Bitcoin acquisitions almost every two months.
Following this latest purchase, the company said it has increased its Bitcoin portfolio to 161.2677 BTC at an average price of 10,231,438 yen per unit. This brings its total Bitcoin portfolio to a market valuation of 1.65 billion yen, or $10.24 million.
Just like MicroStrategy, Metaplanet also acquired part of the BTC in its portfolio with a debt offering. The company stated that issued 1 billion yen in bonds previously on June 24, and the proceeds will be used to purchase more Bitcoin.
An Even More Drastic Push for Bitcoin
Being a relatively larger company, MicroStrategy’s Bitcoin bets are generally is worth more in terms of dollar value; Other than that, Metaplanet Inc.’s efforts regarding its BTC strategy are quite bullish.
In an effort to focus more on Bitcoin, the company announced that it has established an offshore subsidiary in the British Virgin Islands (BVI). The BVI entity will help it manage Bitcoin purchases and other Bitcoin-related activities, the filing states.
With this latest purchase, Metaplanet is definitely spurring broader interest in Bitcoin, a trend that other Asian multinationals may embrace in the near future.
About the author
Godfrey Benjamin
Godfrey Benjamin is a cryptocurrency journalist whose main goal is to inform everyone around him about the prospects of Web 3.0. His love for cryptocurrency began when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. Due to his vast experience in covering various aspects of Web3, Godfrey’s articles have been published on Blockchain.news, Cryptonews, and Coingape, among others.