MetaplanetThe Japanese public company is listed on the stock exchange. announced It had bought 38.6 Bitcoins for approximately 300 million yen. Its total Bitcoin holdings now amount to $398.8 BTC, or $2.2 million.
JUST IN: 🇯🇵 Japanese Public company Metaplanet buys another ¥300 million worth of #Bitcoin pic.twitter.com/xJmnAdDrMG
— Bitcoin Magazine (@BitcoinMagazine) September 10, 2024
The latest Bitcoin purchase comes after Metaplanet, in August announced that it will raise 10,08 billion yen for more Bitcoin as part of its corporate strategy.
Metaplanet adopted an investment policy that was pro-bitcoin earlier this year, and it has been steadily building up Bitcoin. The company holds an overall of 398.8 BTC, purchased for 3.75 Billion Yen. (roughly $27.6 Million).
Metaplanet’s current Bitcoin Treasury build is similar to MicroStrategy’s Playbook has been used to raise debt in order to purchase Bitcoin. The public companies have a new model to acquire Bitcoin.
Some other firms that have adopted this strategy are Marathon Digital Holdings, which recently raise a $250 million via convertible note offering to buy more Bitcoin, and Semler ScientificThe company announced similar plans to increase money raised to purchase more Bitcoin.
Businesses can take advantage of the potential appreciation in Bitcoin by borrowing low-interest fiat currencies to buy Bitcoin. Using this method, public companies can gain exposure to Bitcoin without having to liquidate existing assets.
Bitcoin Magazine was founded by BTC Inc. and is owned 100% by them. UTXO ManagementMetaplanet was invested by, an allocator of regulated capital focused on digital assets. UTXO maintains substantial holdings of digital assets and invests in a range of Bitcoin-based businesses.
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Source: bitcoinmagazine.com
