‘Asia’s MicroStrategy’ Metaplanet buys another ¥400 million worth of Bitcoin

Metaplanet, a publicly traded company listed on the Tokyo Stock Exchange and often compared to MicroStrategy, has acquired an additional 42.47 BTC, valued at approximately 400 million Japanese Yen (around $2.3 million), the company shared in a recent post.

*Metaplanet purchases additional 42.47 $BTC* pic.twitter.com/dPotWszW1Y

— Metaplanet Inc. (@Metaplanet_JP) July 8, 2024

The latest move marks the company’s fifth Bitcoin purchase over the past four months, bringing its total holdings to over 203 BTC, worth about 2 billion Yen (over $11 million). The average purchase price per Bitcoin stands at around $58,500, according to Metaplanet.

The company made previous purchases on April 23, May 10, June 10, and July 1. Following the third purchase, Metaplanet’s shares soared 10%.

Metaplanet, which specializes in hotel development and real estate, has shifted its focus to investing in Bitcoin, using it as a reserve asset amid Japan’s economic challenges.

The company’s move mirrors strategies employed by other major firms like MicroStrategy, leveraging Bitcoin as a hedge against the weakening yen and economic instability.

As of July 7, global public companies hold a collective 324,295 BTC, with MicroStrategy at the forefront, owning 226,331 BTC, which constitutes over half of its market cap, as reported by BitcoinTreasuries.net.