Japan’s Investment Company Metaplanet Announces Bitcoin Acquisition
On Thursday, Japanese investment company Metaplanet announced that it has spent 1.926 billion yen (approximately 13.6 million USD) to increase its holdings of 145 bitcoins, as part of its “Bitcoin Financial Operation” strategy, with an average purchase price of 13,280,472 yen (approximately 93,327 USD).
This marks the second announcement of bitcoin acquisitions by Metaplanet this week, as the company stated on Monday that it had spent 4.02 billion yen (approximately 28.23 million USD) to acquire 330 bitcoins.
As of April 24, Metaplanet holds a total of 5,000 bitcoins (valued at approximately 466 million USD). According to Metaplanet CEO Simon Gerovich, the total cost of acquiring these bitcoins is about 428.1 million USD, with an average purchase price of around 85,621 USD. Based on the current bitcoin price of approximately 93,250 USD, the company’s total bitcoin holdings currently show an unrealized profit of about 8.9%.
Metaplanet was originally a company focused on developing Web3 and metaverse technologies while also operating in the hospitality industry. However, in April 2024, it transformed into a bitcoin financial enterprise, adopting bitcoin as its core financial reserve asset to hedge against Japan’s debt burdens and the resulting fluctuations in the yen. In January of this year, Gerovich stated that the company aims to expand its bitcoin holdings to 10,000 BTC by 2025.
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