U.Today – Japanese listed company Metaplanet Inc. is doubling down on its (BTC) strategy as the company has just announced a fresh round of purchases.
Metaplanent bags are now larger
According to the update, Metaplanent purchased a total of 20,195 Bitcoin units at an average price of 9,903,440 yen per BTC purchased. This latest tranche was valued at around 200 million yen, or $1,242,180.
Metaplanet started its Bitcoin accumulation strategy earlier this year as it aims to copy the MicroStrategy playbook. The company is now the first listed Asian corporation to fully adopt Bitcoin as its treasury reserve asset.
Metaplanent is now more consistent with its Bitcoin accumulation strategy than MicroStrategy. As previously reported by U.Today, Metaplanet is currently making Bitcoin acquisitions almost every other month.
With this latest purchase, the company said it has increased its Bitcoin holdings to 161.2677 BTC at an average price of 10,231,438 yen each. This brings its total Bitcoin holdings to a market valuation of 1.65 billion yen, or $10.24 million.
Like MicroStrategy, Metaplanet also acquired some BTC from its portfolio through a debt offering. The company revealed that it had issued 1 billion yen worth of bonds earlier on June 24, with the proceeds going towards buying more Bitcoin.
More Drastic Push for Bitcoin
As a relatively larger company, MicroStrategy’s Bitcoin bets are typically worth more in dollar terms; plus, Metaplanet Inc.’s track record regarding its BTC strategy is quite bullish.
To further focus on Bitcoin, the company announced that it has established an offshore subsidiary in the British Virgin Islands (BVI). The BVI entity will aid it handle Bitcoin purchases and other Bitcoin-related businesses, the filing noted.
With this latest purchase, Metaplanet is clearly fueling broader interest in Bitcoin, a trend that other Asian multinationals may follow in the near future.
