Metaplanet, a publicly listed Japanese company, announced it had purchased 38.6 Bitcoin for 300 million yen (approx. $2.2 million), bringing its total Bitcoin holdings to 398.8 BTC.
JUST IN: 🇯🇵 Japanese Public company Metaplanet buys another ¥300 million worth of #Bitcoin pic.twitter.com/xJmnAdDrMG
— Bitcoin Magazine (@BitcoinMagazine) September 10, 2024
This latest Bitcoin acquisition comes after Metaplanet announced in August that it would raise 10.08 billion yen to purchase more Bitcoin, part of its broader corporate strategy to allocate funds to Bitcoin.
Metaplanet first adopted a pro-bitcoin investment policy earlier this year and has steadily accumulated Bitcoin. The company now holds an aggregate of 398.8 bitcoins purchased for approximately 3.75 billion yen (approximately $27.6 million).
Metaplanet's ongoing Bitcoin treasury build mimics MicroStrategy's playbook, which has raised debt to buy Bitcoin. Public companies seem to have discovered a model for acquiring Bitcoin.
Other firms following this strategy include Marathon Digital Holdings, which recently raise a $250 million via convertible note offering to buy more Bitcoin, and Semler Scientific, which similarly announced plans to raise more money to buy more Bitcoin.
Companies can capitalize on Bitcoin's appreciation potential by borrowing fiat currency at low interest rates to purchase Bitcoin. This allows public companies to gain Bitcoin exposure without liquidating existing assets.
Disclaimer: Bitcoin Magazine is wholly owned by BTC Inc., which also operates UTXO Management, a regulated capital allocator focused on the digital assets industry and invested in Metaplanet. UTXO invests in a variety of Bitcoin businesses, and maintains significant holdings in digital assets.
from Bitcoin Magazine - Bitcoin News, Articles and Expert Insights
Vivek Sen
0 Comments