Japan’s investment firm Metaplanet announced Tuesday it has added an additional 107.913 Bitcoin to its reserve, valued at ¥1 billion in a bid to boost its BTC holdings.
In a typical Microstrategy like style, Metaplanet has added 107.913 Bitcoin of worth approximately $7 million to its strategic treasury reserve. The firm now holds a total of 506 Bitcoin holdings which is equivalent to around $32 million at Bitcoin’s current prices.
The firm had initially bought ¥300 million Bitcoin purchase just last month. The firm stated that it was the management team that exercised the 11th series of stock acquisition rights to allow executives to purchase shares of the company’s stock at a predetermined price.
Metaplanet has been actively adding Bitcoin holdings to strengthen its reserve to grapple with Japan’s economic challenges.
The firm has been adding more coins, irrespective of the market fluctuations. The company aims to give domestic investors exposure and also help them with favorable tax treatment. Metaplanet, popularly deemed as Asia’s MicroStrategy, owing to its Bitcoin reserve strategy, recently collaborated with SBI Group’s crypto investment arm to enhance its Bitcoin trading and custody services.
MarketWatch data shows Metaplanet’s stock has reportedly seen a spike of around 492.94% year-to-date and 3-month gain of 12% after its decision to invest in a Bitcoin strategy.
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