Japan-based Bitcoin investment firm Metaplanet said it bought 57.1 BTC for 500 million yen, equivalent to $3.3 million, according to an August 13 report. statement.
This purchase boosts the company’s Bitcoin reserve to 303,095 BTC, which was acquired for 2.95 billion yen, approximately $20 million.
Simon Gerovich, the company’s CEO, hinted that the company could make more BTC purchases in the future with an “always stack” comment on social media platform X.
With this purchase, Metaplanet has partially fulfilled its plan to purchase 1 billion yen worth of Bitcoin through loan financing from its shareholder, MMXX Ventures Limited.
It is unclear when the company will make the remaining BTC purchases.
In May, the company announced its decision to adopt Bitcoin as a major treasury reserve asset. This shift resolved Japan’s ongoing economic problems, including significant government debt and a persistently weak yen.
Long-term goal
Gerovich stated that the company’s long-term ambition is to become Asia’s leading Bitcoin company and acquire as much BTC as possible. He explained:
“We are focused on owning as much Bitcoin as possible over time, and through exciting initiatives like Bitcoin Magazine Japan, we want to bring countless individuals into the Bitcoin ecosystem.”
Gerovich anticipates that this strategy will help the company’s stock surpass its peers on the Tokyo Stock Exchange within the next four years. He draws a parallel with MicroStrategy, whose Bitcoin investments have boosted stock performance versus rivals in the S&P 500. MicroStrategy is the largest publicly traded Bitcoin holder in the world, owning more than 220,000 BTC, worth more than $13 billion.
Metaplanet’s BTC pivot in particular is already having a significant impact on stock performance. However, the latest purchase had no impact on the shares, which fell about 6%, according to Google Finance data.
Nevertheless, the BTC investing company’s shares are up 600% on year-to-date figures.
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