Japanese investment firm Metaplanet Inc. has announced a significant increase in its bitcoin holdings, purchasing an additional 57.1 BTC, valued at approximately $3.3 million. This move elevates the company’s total bitcoin holdings to 303.095 BTC.
The Tokyo-listed firm revealed that the recent acquisition was funded by a 500 million yen ($3.3 million) investment secured through a $6.8 million loan obtained last week. Metaplanet plans to allocate a substantial portion of this loan to further bitcoin purchases.
Metaplanet’s stock closed down 5.8% at 1,121 yen on Tuesday, following a remarkable 600% surge earlier this year. The stock peaked at 3,000 yen on July 24. In contrast, the Nikkei 225 index saw a gain of 3.45% at the close of trading today.
Simon Gerovich, CEO of Metaplanet, expressed the firm’s ongoing commitment to bitcoin in a post on X : “Always be stacking bitcoin.”
In May, Metaplanet announced a strategic shift, adopting bitcoin as a key treasury reserve asset in response to economic pressures in Japan, including high government debt, persistent negative real interest rates, and a weakening yen. This strategy reflects the company’s bullish stance on bitcoin and its role as a hedge against economic instability.
