Metaplanet Begins Bitcoin Purchase, Acquires 200 Million Yen Worth of BTC
Japanese publicly traded company, Metaplanet has begun its Bitcoin buying spree as it purchases 200 million worth of BTC today, July 1. The investment company buys into Bitcoin at a time when the price of the asset is undergoing a notable price uptick.
According to data from CoinMarketCap, the value of Bitcoin has jumped by almost 3% in the last 24 hours, trading above the $63,000 mark. Consequently, the entire crypto market cap has spiked by 2.13% to $2.32 trillion. Metaplanet joins other global large firms like Microstrategy in adding a significant amount of Bitcoin to its portfolio. The diversification into the crypto market is part of its broader strategy to hedge against economic uncertainties.
Metaplanet Buys 20 BTC
In a July 1 post on X (formerly Twitter), Metaplanet disclosed that it has purchased exactly 20.195 BTC at an aggregated amount of 200 million yen ($1.24 million). The company noted that it purchased this much Bitcoin at an average price of 9,903,441 yen ($61,492).
Recall that on June 24, Metaplanet announced that it will add a total of 1 billion yen ($6.3 million) worth of Bitcoin to its coffers. The company said in a statement that the funds that will be used for this purpose will be obtained from a bond sale that happened on June 26. Following the successful offering, Metaplanet has begun the first round of Bitcoin purchases with over 20 BTC.
With this recent purchase, Metaplanet now holds a total of 161.3 Bitcoins (worth $10.1 million) purchased at an average price of 10.2 million yen ($63,326) per Bitcoin. The total Bitcoin holding equals 1.65 billion yen. With this initiative, Metaplanet might reach the $1 billion in Bitcoin holding milestone in the future.
Notably, Metaplanet has shifted its focus to Bitcoin amid the ongoing devaluation of the Japanese yen. Last week, the legal tender dropped to its lowest against the USD since 1986 after it crashed to ¥160.8 per USD. At the time of writing, USD conversion to yen sits at ¥161.10. As the Japanese yen continues to weaken, more companies might start to look towards adopting Bitcoin as an alternative since Japan provides a crypto-friendly atmosphere and is beginning to solidify itself as an emerging web3 hub.
Bitcoin is currently trading at $62,812 with a 24-hour trading volume of $21.1 billion and a live market cap of $1.2 trillion.
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