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A publicly traded Japanese investment adviser called Metaplanet (3350) said that it had added more than 20.2 bitcoin (BTC) to its portfolio as part of a $6 million plan.
The Tokyo-based corporation said on its website that it had acquired 200 million yen ($1.2 million) worth of bitcoin, increasing its total holdings to 161.3 BTC. This statement came soon after the Tokyo Stock Exchange’s trading session ended and following a social media post on X.
A week ago, Metaplanet had declared its intention to boost its bitcoin holdings by purchasing an additional $6 million worth of BTC. At that time, the company already owned $9 million worth of the world’s largest cryptocurrency by market cap. According to Metaplanet’s website, this focus on Bitcoin was driven by changes in the investment environment due to the Covid pandemic.
The bitcoin accumulation method employed by Metaplanet is similar to that of MicroStrategy, a software development company located in Tysons Corner, Virginia. After over four years of purchasing bitcoin, MicroStrategy currently possesses about 226,000 bitcoin, or more than 1% of all bitcoin that will ever be issued.
The decision by Metaplanet to dramatically increase its bitcoin holdings is indicative of the expanding trend in which businesses are using cryptocurrencies to diversify their treasuries. This tactical change highlights how bitcoin is becoming more and more recognized as a reliable store of wealth in the face of unpredictable economic times.