Going by a recent company announcement, the Bitcoin buying spree of Japanese investment firm Metaplanet has continued. As a fact, there might be no end in sight for the strategy which the company dubbed “Asia’s MicroStrategy,” has continued to employ in its bid to solidify its position as a major player in the Japanese crypto space.
Fourth Bitcoin Purchase Brings Asia’s MicroStrategy Holdings to Over $10 Million
A Monday press release by Metaplanet details the latest acquisition of an additional 20.2 Bitcoin (BTC) valued at approximately 200 million Japanese Yen, which translates to roughly $1.2 million. This purchase marks the company’s fourth Bitcoin acquisition in the past four months, demonstrating its consistent commitment to the digital asset.
With the latest purchase, Metaplanet’s total Bitcoin holdings now stand at 161.27 BTC, valued at over ¥1.6 billion (around $10 million). Notably, the average purchase price per Bitcoin sits at $63,500, suggesting a strategic long-term investment approach.
Hedging Against Economic Challenges with Bitcoin
It might be worth mentioning that Metaplanet only recently shifted its focus to Bitcoin. The company, which specializes in hotel development and real estate, took to making Bitcoin investments as a hedge against economic uncertainties. The move, quite similar to that of other major corporations like MicroStrategy, is now common among global corporations. However, the Japanese economy might even qualify as a case study given its peculiarity, particularly in the area of its ever-weakening yen.
Notwithstanding, as earlier mentioned, public companies around the globe are increasingly embracing Bitcoin. According to BitcoinTreasuries.net, as of July 1, 2024, these firms hold a combined 321,223 BTC. MicroStrategy remains the leader in this space, boasting a massive holding of 226,331 BTC, representing over half of its market cap.
In Japan, the trend extends beyond Metaplanet. A recent Nomura brokerage survey found that 54% of Japanese fund managers plan to invest in cryptocurrencies within the next three years. Additionally, there have been reports that Sony Global’s acquisition of Amber Japan suggests potential plans for a crypto exchange launch.
Metaplanet’s ongoing Bitcoin acquisitions position them as a frontrunner in Japan’s crypto adoption race.
