Bank

Bitcoin

Read

Japanese investment firm Metaplanet keeps allocating Bitcoin, this time buying $2 million worth of crypto. 
Tokyo-listed investment firm Metaplanet has continued its aggressive Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) accumulation strategy, purchasing ¥300 million ($2 million) worth of Bitcoin, according to a Sept. 10 <a href="https://metaplanet.jp/wp-content/uploads/2024/09/20240910-Notice-of-Additional-Purchase-of-Bitcoins.pdf" target="_blank">filing</a>. The company acquired more than 38.4 BTC, bringing its total Bitcoin holdings to over 398.8 BTC, valued at approximately $22.7 million at current market prices. 
Metaplanet, which adopted Bitcoin as a reserve asset earlier this year, has <a href="https://crypto.news/japans-metaplanet-buys-nearly-60-btc-following-%c2%a51b-loan/" target="_blank">ramped up</a> its crypto investments amid Japan’s economic struggles and the depreciation of the yen. The Bank of Japan recently raised its benchmark interest rate to 0.25% in an effort to strengthen the yen, after years of negative or near-zero rates. The move has spurred Metaplanet’s decision to further diversify its reserves into Bitcoin, a strategy often compared to U.S.-based MicroStrategy’s Bitcoin investments. 
 You might also like: <a rel="" href="https://crypto.news/japanese-e-commerce-giant-dmm-group-considers-stablecoin-pilot/"> Japanese e-commerce giant DMM Group considers stablecoin pilot </a> 
Just a week ago, Metaplanet <a href="https://crypto.news/metaplanet-taps-sbi-vc-trade-for-bitcoin-custody/" target="_blank">announced</a> a partnership with SBI VC Trade, a subsidiary of Japan’s financial giant SBI Group, to access corporate custody services and financing options using Bitcoin as collateral. This collaboration aims to enhance compliance and tax efficiency for the firm’s growing crypto portfolio. 
Earlier this year, Metaplanet <a href="https://crypto.news/japanese-firm-metaplanet-secures-6-8m-loan-to-bolster-bitcoin-holdings/" target="_blank">disclosed</a> plans to raise $70 million through stock rights offerings, with 80% of those funds earmarked for further Bitcoin purchases. The company’s pivot toward Bitcoin has paid off for its shareholders, as Metaplanet’s stock <a href="https://crypto.news/metaplanet-shares-up-20-as-company-buys-another-20-btc/" target="_blank">has surged</a> more than 545% year-to-date, benefiting from the growing appeal of Bitcoin as an alternative asset amid Japan’s ongoing financial uncertainty. 
 Read more: <a rel="" href="https://crypto.news/japanese-banks-to-test-cross-border-stablecoin-transfers-via-swift/"> Japanese banks to test cross-border stablecoin transfers via SWIFT </a>

Japan’s Metaplanet boosts Bitcoin reserves to nearly 400 BTC

crypto.news

Other articles published on Sep 10, 2024

Ondo Price Prediction: Insights and Forecast for the RWA Crypto

Reli Pendek Bitcoin, Analis: Sasar US$58 Ribu

Why Every LandRocker Player Needs the Premier Collection

Angel Drainer Resurfaces: New Phishing Toolkit AngelX Deploys 300+ Malicious dApps

FBI Reports Record $5.6B in Losses from Crypto Scams in 2023

3 Stocks Poised to Gain from the iPhone 16’s Launch

Join our free newsletter for daily crypto updates!