The Japanese investment firm Metaplanet has recently expanded its Bitcoin holdings to over $168 million following a significant acquisition of BTC. This strategic move comes after the firm revealed a change in its treasury management approach earlier this year, culminating in the purchase of 156.78 BTC over the weekend.
Metaplanet explained its decision, stating, “This action is a direct response to ongoing economic challenges in Japan, particularly the high levels of government debt, extended periods of negative real interest rates, and the resulting depreciation of the yen. The company’s strategy firmly places Bitcoin at the forefront, adopting a Bitcoin-first, Bitcoin-only philosophy. This includes utilizing long-dated yen liabilities and periodic share issuances as financial tools to consistently gather more Bitcoin, rather than holding onto a weakening yen. This strategy aims to enhance value on a per-share basis in terms of Bitcoin, thereby supporting long-term shareholder value.”
With a total of 1,018 Bitcoin in its portfolio, Metaplanet has become Japan’s largest corporate BTC holder, ranking as the second-largest in Asia and the 19th largest globally, according to BitcoinTreasuries.net.
At the time of this report, Bitcoin is trading at $72,681. The leading cryptocurrency by market capitalization has seen an increase of over 4% in the past 24 hours and nearly 8% over the past week.
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