Metaplanet purchased 57.273 BTC for $3.4 million, bringing its Bitcoin holdings to around $22 million.
Metaplanet, a Japanese investment adviser, has acquired an additional 57.273 BTC for $3.4 million. The company’s Bitcoin holdings were approximately $22 million as of August 20.
A loan with an annual interest rate of 0.1% was arranged by the company earlier this month to acquire $6.8 million in Bitcoin. Metaplanet initially emulated MicroStrategy‘s strategy in May by accepting the largest cryptocurrency as its reserve asset.
Metaplanet was a Web3 consulting firm prior to transitioning to Bitcoin evangelism in a manner reminiscent of MicroStrategy. The organisation had previously been engaged in the operation of budget lodgings.
The Bitcoin pivot was intended to protect the publicly traded company from the weak Japanese yen.
The Japanese currency began to experience a significant decline in value against the US dollar earlier this year as a result of the US Federal Reserve’s decision to refrain from reducing interest rates.
The lowest level of the yen against the US dollar since the early 1990s was achieved in April. At that time, the Japanese economy was in a state of disarray following the collapse of the real estate mania. The unfavourable macroeconomic environment was the cause of the yen’s swift depreciation.
Proponents of Bitcoin have long advocated for it as a safeguard against imprudent monetary policies. Initially, MicroStrategy allocated a portion of its financial reserves to Bitcoin as a hedge against inflation. It subsequently became the largest corporate holder of the most prominent cryptocurrency.
The company currently possesses approximately $13.8 billion in Bitcoin. Bitcoin’s corporate adoption has been largely nonexistent, despite MicroStrategy’s success.
