Metaplanet Expands Bitcoin Holdings

Japanese investment firm Metaplanet has made headlines by purchasing an additional ¥300 million ($2 million) worth of Bitcoin for its corporate treasury. This acquisition was revealed in a filing dated September 10, indicating that the firm acquired 38.464 BTC at an average price of ¥7.8 million ($54,517) during a recent price dip in Bitcoin.

"Thankful for this price action. Have some capital to deploy," tweeted Dylan LeClair, Metaplanet's Director of Bitcoin Strategy, as Bitcoin's price fell below $54,000.

This latest purchase brings Metaplanet's total Bitcoin holdings to 398.832 BTC, purchased for an aggregate of ¥3.75 billion ($26.12 million) at an average price of ¥9.4 million.

Current Valuation of Holdings

At Bitcoin's current price of $57,123, Metaplanet's holdings are now valued at approximately $22.8 million, according to CoinGecko data.

Metaplanet's Strategic Bitcoin Approach

Metaplanet embarked on its aggressive Bitcoin purchasing strategy back in April 2024, describing it as a strategic pivot. LeClair has previously stated that this initiative is "the most valuable thing we can do for our shareholders." The firm has seen its stock price increase significantly from ¥190 ($1.32) to ¥1,101 ($7.69) following this strategy, despite a recent pullback from a high of ¥3,000 ($20.95).

In a recent move, Metaplanet completed a purchase of ¥500 million ($3.4 million) in Bitcoin as part of a broader plan to acquire ¥1 billion worth of Bitcoin, funded by a loan.

Following in the Footsteps of MicroStrategy

Metaplanet's strategy resembles that of U.S. software firm MicroStrategy, which has amassed nearly $13 billion in Bitcoin, representing over 1% of the total Bitcoin supply. MicroStrategy's chairman, Michael Saylor, has even predicted that Bitcoin's price could reach $13 million over the next 21 years, potentially giving it a market cap of $256 trillion.

Edited by Stacy Elliott.