The Japanese investment company Metaplanet purchased Bitcoin worth $2 million.

Metaplanet&Bitcoin

The Japanese investment company Metaplanet acquired an additional 38,464 bitcoins worth $2 million. Now, the firm’s total cryptocurrency reserves amount to 398,832 BTC, valued at $26 million.

Metaplanet began actively investing in Bitcoin in May 2024 when it announced that the leading cryptocurrency would be used as a strategic reserve asset for the company.

This move is a direct response to ongoing economic pressure in Japan, particularly the high level of national debt, prolonged periods of negative real interest rates, and, as a result, the weak yen

To secure funds for purchasing additional bitcoins, Metaplanet sold rights to acquire its shares, earning 299.7 million yen (around $2 million) from the deal. All the proceeds were invested in BTC.

Last week, Metaplanet announced a partnership with SBI VC Trade, the cryptocurrency arm of the Japanese financial conglomerate SBI Group. The collaboration will provide the investment company access to a “corporate-grade custody service that prioritizes tax efficiency and offers the ability to use Bitcoin as collateral for financing.”

Metaplanet is often referred to as the Japanese version of the American company MicroStrategy, which is the largest corporate holder of Bitcoin. Michael Saylor’s firm currently holds 226,500 BTC.

Which stock should you buy during the next trading session?

Many investors hesitate to put more money into stocks amidst their rapid rise in 2024. Unsure where to invest next? Gain access to our proven financial portfolios and discover opportunities with high potential.

In 2024 alone, the ProPicks algorithm identified 2 stocks that gained more than 150%, 4 stocks with growth over 30%, and another 3 with growth exceeding 25%. An impressive result!