Japan’s Metaplanet Boosts Bitcoin Holdings
Japan’s Metaplanet, a former budget hotel operator now turned investment firm, has recently added $6.94 million worth of Bitcoin to its growing holdings. This move entails purchasing an additional 107.913 Bitcoin for a total investment of ¥1 billion ($6.94 million), marking one of its largest single purchases. With this latest acquisition, Metaplanet now holds 506.745 Bitcoin, valued at $32.45 million.
Metaplanet’s Strategic Bitcoin Investments
Since announcing its adoption of Bitcoin as a reserve asset, Metaplanet has invested 4.75 billion yen, acquiring Bitcoin at an average price of ¥9.373.557 per coin (approximately $65,000). This decision to increase Bitcoin reserves is part of a broader strategy to hedge against economic challenges in Japan, particularly the depreciation of the yen.
Partnership with SBI VC Trade and Future Plans
In a bid to fortify its commitment to Bitcoin, Metaplanet has partnered with SBI VC Trade, a subsidiary of Japan’s financial giant SBI Group. This collaboration aims to ensure compliance, enhance tax efficiency, and offer corporate custody services and financing options utilizing Bitcoin as collateral. Additionally, the company has announced plans to raise $70 million through stock rights offerings, with over 80% of the funds allocated towards its Bitcoin strategy.
