Japanese investment firm Metaplanet Inc. has announced the acquisition of an additional 38.464 bitcoins, valued at approximately 300 million yen ($2 million). This new acquisition takes their total bitcoin reserves to 398,832 BTC, valued at roughly 3.75 billion yen ($26 million).
After such a report, Metaplanet’s shares increased by 4.42% in Japan. According to Yahoo Finance, the stock was last in the range of 1,086 yen; the highest price level it touched in today’s trading session was approximately 2,000 yen. The profitability of the stocks also did not record a dramatic change during the period, posting a slight gain of 0.02% in the Nikkei 225 index.
Metaplanet to Use 299.7 Million Yen from Stock Rights for More Bitcoin
Metaplanet has consistently been increasing the quantity of bitcoins it possesses in the past months. Early in May, the firm declared an operational decision to incorporate bitcoins in its reserve business model. This decision was made because of the continuing economic problems in Japan, including high government indebtedness, rolling negative real interest rates, and a declining yen.
Metaplanet also declared that it would use the funds from the 11th series of stock acquisitions, particularly 299.7 million yen, in a subsequent bitcoin acquisition. The company sought to clarify that such funds will be used to buy more bitcoin selectively as it deems fit.
Additionally, it signed a recent agreement last week with SBI VC Trade, an SBI group affiliated with Japan’s financial branch. This partnership will enable Metaplanet to obtain a compliant corporate custody service. It is also important to note that this service is tax-effective, and the need for funding can be addressed through bitcoins.
Speaking of the bigger picture, MicroStrategy, led by Michael Saylor, remains the largest corporate holder of BTC, with 226,500 coins. Marathon Digital is the second largest institutional owner of Bitcoin, with 25,000 bitcoins.
