Metaplanet bolsters Bitcoin holdings with additional 57 BTC

Tokyo-listed Metaplanet said it accrued its Bitcoin holdings with the further acquisition of 57.273 BTC for ¥500 cardinal (around $3.4 million), according to an Aug. 20 statement.

This brings the firm’s full Bitcoin holdings to 360.368 BTC, worthy ¥3.45 billion, equivalent to much than $23 million.

The Bitcoin concern steadfast stated that the latest acquisition completes its Aug. 8 announcement to get ¥1 cardinal worthy of the flagship integer plus done a indebtedness sourced from MMXX Ventures Limited.

Despite this important purchase, Metaplanet has revealed plans to rise an further $70 cardinal for further acquisitions. Of this amount, $58.76 cardinal is earmarked for much Bitcoin purchases.

Metaplanet Bitcoin

Over the past months, Metaplanet has aggressively acquired Bitcoin arsenic portion of its strategy to adopt the integer asset arsenic a cardinal treasury reserve asset. The steadfast attributed this displacement to economical challenges successful Japan, including a weakening yen.

The steadfast besides explained that it was considering imaginable aboriginal concern ventures wrong the BTC ecosystem, adding that it could make further income from its Bitcoin holdings by selling covered calls connected the flagship integer assets.

According to its website:

“Metaplanet [is besides offering] specialized consulting services to assistance businesses successful adopting Bitcoin. The institution provides strategical guidance to maximize imaginable wrong existing firm frameworks and oversees broad firm reorganizations.”

This attack mirrors the strategy of MicroStrategy, the largest Bitcoin holder globally. The Michael Saylor-led institution owns implicit 220,000 BTC, valued astatine implicit $13 billion.

Notably, Metaplanet’s Bitcoin pivot appears to beryllium having an impact. Google Finance information shows a 643% year-to-date summation successful Metaplanet’s banal terms since adopting Bitcoin. As of property time, the banal has risen implicit 10% to ¥1,193 ($8.11).

The station Metaplanet bolsters Bitcoin holdings with further 57 BTC appeared archetypal connected CryptoSlate.