Nikolas Sargeant
Metaplanet, a Japanese public company drawing comparisons to MicroStrategy, has further increased its Bitcoin (BTC) holdings. On Tuesday, the firm acquired an additional 21.88 BTC, valued at ¥200 million ($1.4 million), at an average price of ¥9.14 million ($57,600) per coin.
This latest purchase brings Metaplanet's total Bitcoin reserves to 225.611 BTC, worth approximately $14.57 million at current market rates. The leading cryptocurrency was trading at $64,599.2 early Tuesday.
The acquisition follows Metaplanet's earlier purchase of 42.466 BTC on July 8, valued at ¥400 million ($2.5 million) at the time.
Since April, Metaplanet has been consistently accumulating Bitcoin as part of its strategy to diversify its treasury holdings away from the weakening Japanese yen. The company views cryptocurrencies as a hedge against inflation and a means to bolster economic resilience.
In May, Metaplanet stated, "We have significantly adjusted our treasury operations to navigate Japan's challenging economic landscape while setting a local precedent for corporate innovation in asset management."
The company's Bitcoin-focused strategy has yielded positive results, with Metaplanet emerging as a top performer among Japanese stocks, surging 158% in May after adding Bitcoin to its portfolio.
Metaplanet's Bitcoin Strategy Mirrors MicroStrategy
Metaplanet's approach to Bitcoin accumulation closely resembles that of MicroStrategy, the largest corporate holder of Bitcoin. On May 13, Metaplanet announced its intention to employ various capital market instruments to increase its BTC reserves, similar to MicroStrategy's strategy.
While Metaplanet is currently listed on the Tokyo Stock Exchange, limiting access for U.S. investors, plans are reportedly underway to tokenize Metaplanet shares on the Bitcoin layer-2 network Liquid, according to Arnab Naskar, co-founder of the security token platform STOKR.
The success of corporate Bitcoin holders like MicroStrategy has been notable. Michael Saylor's firm now boasts a total valuation exceeding $14 billion, according to data from Saylortracker.
