Metaplaneta listed Japanese company, announced it bought 38.6 Bitcoin for 300 million yen (about $2.2 million), bringing its total Bitcoin holdings to 398.8 BTC.
JUST IN: 🇯🇵 Japanese listed company Metaplanet acquires another ¥300 million in #Bitcoin photo.twitter.com/xJmnAdDrMG
— Bitcoin Magazine (@BitcoinMagazine) September 10, 2024
This latest Bitcoin purchase follows Metaplanet’s announcement in August that it would raise 10.08 billion yen to buy more Bitcoin, part of a broader corporate strategy to allocate more funds to Bitcoin.
Metaplanet first adopted a pro-bitcoin investment policy earlier this year and has been steadily accumulating bitcoin. The company now has a total of 398.8 bitcoins, purchased for about 3.75 billion yen (about $27.6 million).
Metaplanet’s ongoing Bitcoin treasury build mimics from MicroStrategy playbook, which has taken on debt to buy Bitcoin. Publicly traded companies seem to have discovered a model for acquiring Bitcoin.
Other companies following this strategy include: Marathon Digital Holdingswho recently raised $250 million through a convertible bond offering to buy more Bitcoin, and Semler Scientificwhich also announced plans to raise more money to buy more Bitcoin.
Companies can benefit from Bitcoin’s appreciation by borrowing fiat currency at low interest rates to purchase Bitcoin. This allows publicly traded companies to gain Bitcoin exposure without liquidating existing assets.
Disclaimer: Bitcoin Magazine is wholly owned by BTC Inc., which also UTXO managementa regulated capital allocator focused on the digital asset industry and invested in Metaplanet. UTXO invests in several Bitcoin companies and maintains significant holdings in digital assets.