Metaplanet has recently made a significant investment in bitcoin, acquiring approximately $3.3 million worth of the cryptocurrency. This move is part of the Japanese investment firm’s broader strategy to expand its bitcoin holdings. With this latest purchase, Metaplanet now possesses a total of 303.095 BTC acquired for $20 million.
Earlier this month, Metaplanet Inc. secured a $6.8 million loan to further boost its bitcoin holdings, highlighting the company’s strong confidence in the future value of the cryptocurrency. The loan, amounting to 1 billion yen at a 0.1% annual interest rate, will mostly be dedicated to acquiring additional bitcoin. Metaplanet’s strategy involves holding BTC long-term, using any bitcoin for operational purposes as a current asset on its balance sheet.
During the Bitcoin Conference in Nashville, executives from Metaplanet highlighted the value of bitcoin as an apex monetary asset. Simon Gerovich, Metaplanet CEO, spoke about the company’s strategic pivot to bitcoin, emphasizing that BTC serves as a valuable addition to the company’s treasury. Metaplanet has been aggressively accumulating bitcoin this year, inspired by MicroStrategy’s successful strategy. The company views bitcoin as a hedge against yen depreciation and a significant growth opportunity.
Despite a 5.8% decline in stock value on Tuesday, Metaplanet’s stock has seen notable growth since announcing its bitcoin-focused strategy in April. The company’s stock has risen significantly, although it has recently experienced a dip from its peak. Over the past week alone, Metaplanet’s stock was up by almost 70%.
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