Metaplanet, a publicly listed Japanese firm, introduced it had bought 38.6 Bitcoin for 300 million yen (approx. $2.2 million), bringing its whole Bitcoin holdings to 398.8 BTC.
JUST IN: 🇯🇵 Japanese Public firm Metaplanet buys one other ¥300 million price of #Bitcoin pic.twitter.com/xJmnAdDrMG
— Bitcoin Journal (@BitcoinMagazine) September 10, 2024
This newest Bitcoin acquisition comes after Metaplanet introduced in August that it will elevate 10.08 billion yen to buy extra Bitcoin, a part of its broader company technique to allocate funds to Bitcoin.
Metaplanet first adopted a pro-bitcoin funding coverage earlier this yr and has steadily collected Bitcoin. The corporate now holds an combination of 398.8 bitcoins bought for roughly 3.75 billion yen (roughly $27.6 million).
Metaplanet’s ongoing Bitcoin treasury construct mimics MicroStrategy’s playbook, which has raised debt to purchase Bitcoin. Public firms appear to have found a mannequin for buying Bitcoin.
Different companies following this technique embrace Marathon Digital Holdings, which not too long ago elevate a $250 million by way of convertible be aware providing to purchase extra Bitcoin, and Semler Scientific, which equally introduced plans to lift more cash to purchase extra Bitcoin.
Firms can capitalize on Bitcoin’s appreciation potential by borrowing fiat forex at low rates of interest to buy Bitcoin. This permits public firms to realize Bitcoin publicity with out liquidating present belongings.
Disclaimer: Bitcoin Journal is wholly owned by BTC Inc., which additionally operates UTXO Administration, a regulated capital allocator targeted on the digital belongings business and invested in Metaplanet. UTXO invests in quite a lot of Bitcoin companies, and maintains important holdings in digital belongings.
