5BTC or 111% + 111 Free Spins!
New players only. Exclusive 111% Welcome Bonus + 111 Free Spins
With yet another significant acquisition, the Bitcoin holdings of the Japanese company Metaplanet have grown. The business had earlier on Tuesday disclosed that it had acquired 107 Bitcoin, which was worth $6.9 million at the time of acquisition. The average cost per Bitcoin at the time of acquisition was 9.26 million yen ($64,168).
Metaplanet has been steadily increasing its Bitcoin reserves since adopting the cryptocurrency as a strategic asset earlier this year. The company made the decision to employ Bitcoin in May as a hedge against the mounting debt of Japan and the possible volatility of the yen. This action comes after the Tokyo-based corporation bought 117.7 BTC, or $7.19 million, in April, when they made their first Bitcoin buy.
To finance the recent acquisition, Metaplanet secured a $6.8 million loan from MMXX Ventures, a shareholder based in the British Virgin Islands. According to the firm, “the entire amount was allocated for purchasing Bitcoin,” reflecting their strong commitment to expanding their cryptocurrency reserves.
Now holding more than 500 BTC in reserves, Metaplanet is among the biggest Bitcoin holders among Asian publicly traded corporations. The average price at which the company acquired Bitcoins was 9.37 million yen ($64,931). Based to Bitcoin Treasuries statistics, Meitu, a Hong Kong-based company, is the only Asian company with the largest holding of Bitcoin.
As a leader in corporate cryptocurrency adoption throughout Asia, Metaplanet’s steady investments in Bitcoin demonstrate its long-term strategy to guard against currency swings.