Tokyo’s Metaplanet investment firm revealed that it has acquired an additional 57.273 BTC, valued at approximately 500 million yen or $3.4 million amidst the current market lull to set the stage for long-term growth.
This purchase is part of the strategy announced on August 8, following the firm’s acquisition of a 1 billion yen loan, worth around $6.8 million, intended for increasing its Bitcoin reserves. Following the announcement, Metaplanet posted over 11% increase in its stock price.Metaplanet began adopting Bitcoin as its strategic treasury reserve asset in May of this year.
This strategy closely resembles that of MicroStrategy, which has been issuing debt and equity since 2020 to acquire more than 226,500 BTC.Top 14 Best Decentralized Finance Projects in 2024 COTI V2 Underway, Garbled Circuits Integration and Privacy Breakthroughs: Interview with CEO Shahaf Bar-GeffenAI is Going to be the Center of our Lives, Like it or Not: Akash Network’s Greg Osuri Sign-up FREE to receive our extended weekly market update and coin analysis report
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