Metaplanet Lifts Total Bitcoin Holdings to $2.18B After Latest Buy

Bitcoin Metaplanet
The firm paid an average of $120k per Bitcoin, slightly above the market price of $115k at the time of disclosure.
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Crypto Reporter
Shalini NagarajanVerified
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Jan 2024
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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Metaplanet has added another 775 Bitcoin to its reserves, lifting its total holdings to 18,888 BTC.

A Monday filing showed Metaplanet’s Bitcoin stash has climbed to about $2.18b, based on the prevailing exchange rate.

This latest purchase extends a rapid run of acquisitions that have cemented the company’s place as Japan’s most prominent corporate Bitcoin holder.

Metaplanet began its aggressive accumulation last year, casting itself as a local counterpart to US firms such as MicroStrategy that use Bitcoin as a treasury reserve.

The company paid about 114.3b yen for the purchase, equal to $775m at today’s exchange rate of 147.37 yen to the dollar. Each Bitcoin cost the firm around $120k on average, although the asset was valued at about $115.6k when the disclosure was made.

Successive BTC Purchases Add Pressure and Attention Ahead of Fed Policy Shift

This latest move follows a series of weekly acquisitions that have captured market attention. The company acquired 463 BTC on Aug. 4 for about $53m and added 518 BTC on Aug. 12 for $61.4m.

Metaplanet’s strategy mirrors that of other Bitcoin-heavy firms that see long-term upside in holding the asset on their balance sheets. Its consistent accumulation comes as the cryptocurrency market prepares for potential tailwinds, including expected interest rate cuts by the US Federal Reserve in September.

Observers Expect Ripple Effect in Asia as Metaplanet Ramps Up Bitcoin Reserve

Analysts say the firm’s bold stance could influence other Asian corporates to explore Bitcoin as part of their treasuries, particularly as regulatory clarity improves. Japan has long been viewed as a pioneer in digital asset oversight, giving Metaplanet a favorable environment for its strategy.

Metaplanet’s aggressive expansion has also drawn comparisons to MicroStrategy, which holds over 628,946 BTC. While Metaplanet’s stash remains smaller, its rapid accumulation highlights how non-US corporates are beginning to step onto the same path.

The latest purchase cements Metaplanet’s position as one of the largest Bitcoin treasuries in Asia. Market participants will be watching closely to see whether its example sparks a broader wave of adoption among regional firms.

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