Japanese investment firm Metaplanet recently bought 1,004 more Bitcoin for about $104.3 million. The firm is building its crypto portfolio as it approaches a target of 10,000 BTC.
This latest addition puts 7,800 BTC on its balance sheet, which is now valued at about $806 million at current prices. Every bitcoin in its recent acquisition cost Metaplanet an average of $103,873, as per its CEO, Simon Gerovich.
Since April 2024, Metaplanet has been purchasing Bitcoin as part of its long-term plan for investing in cryptocurrencies. Metaplanet initiated it early in the year and has now become Asia’s largest listed Bitcoin owner.
To fund its regular Bitcoin buying, Metaplanet has issued various bond issues over the past few months. Last week alone saw it release its 15th issuance of regular bonds to raise $15 million to fund this initiative.
The listed company based in Tokyo has spent over $712.5 million buying Bitcoin since initiating its accumulation earlier this year.
Investor interest rises in Metaplanet stock
The company’s Bitcoin assets are valued at approximately $806 million as per Bitcoin’s current market rate of $103,343.
Bitcoin rates have been stable in recent times with little fluctuation over the past 24 hours as Bitcoin approaches its all-time high. This stable performance in the marketplace further solidifies Metaplanet’s trust in its cryptocurrency strategy.
Metaplanet’s public Bitcoin commitment is still drawing attention in both Japan and worldwide. The firm is now listed as number 11 among global corporate bitcoin holders as per Bitcointreasuries.net. It is number one among the listed companies that invest in Bitcoin in Asia.
American company MicroStrategy, under Michael Saylor’s leadership, is still the world leader with a holding of 568,840 BTC. Meanwhile, Metaplanet’s move is part of an increasing trend towards institutions investing in bitcoin as a store of value for the long term. Investor optimism towards Metaplanet is also high, as its shares grew by 12.2% during trading on Monday in Japan. Active trading persists as an indicator of ongoing interest in the company’s virtual asset plan.
