Efe Nail Saltık Japanese investment adviser Metaplanet has acquired more than 20.2 BTC, spending $1.2 million as part of its strategy to build up holdings of the world’s largest cryptocurrency by market cap. This purchase is a step towards its goal of buying an additional $6 million worth of BTC, announced a week ago.
Metaplanet, a publicly listed company in Japan, stated that it purchased 200 million yen ($1.2 million) worth of bitcoin, bringing its total holdings to 161.3 BTC. The Tokyo-based firm posted a statement about the purchase on its website and on the social media platform X, shortly after trading closed on the Tokyo Stock Exchange.
Previously, Metaplanet disclosed its intention to increase its bitcoin holdings by acquiring another $6 million worth of BTC, at a time when it already possessed $9 million worth of bitcoin. The company’s focus on bitcoin is driven by changes in the investment environment following the Covid pandemic, according to its website.
This bitcoin-accumulation strategy is similar to that of MicroStrategy, a software developer based in Tysons Corner, Virginia, which has been purchasing BTC for nearly four years and now holds over 226,000 BTC, more than 1% of all bitcoin that will ever be issued.
Following the announcement, Metaplanet shares rose by 1%.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.