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Metaplanet Buys Another $1.2M Worth of Bitcoin as Investment Strategy Progresses

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Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.

Metaplanet spent $1.2 million to buy more than 20.2 BTC as part of its strategy to build up holdings of the world's largest cryptocurrency by market cap.In a statement on its website, the Tokyo-based company said it bought 200 million yen worth of bitcoin, taking its. At the time, it already owned $9 million worth of the world's largest cryptocurrency by market cap.

The focus on bitcoin was engendered byThe bitcoin-accumulation strategy mirrors the approach taken by Tysons Corner, Virginia-based software developer MicroStrategy, which has been buying BTC for almost four years and now owns over 226 BTC, more than 1% of the entire number of bitcoin that will ever be issued.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.

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