Metaplanet has acquired 506.7 BTC, valued at $32 million, in less than five months after adopting Bitcoin as its primary treasury reserve.
Japanese-based investment firm Metaplanet announced on Tuesday that it has increased its Bitcoin stash. Per a filing, the company acquired 1 billion yen ($6.95 million) worth of Bitcoin, amounting to 107.91 BTC.
Metaplanet noted that it acquired the tokens at an average price of 9.2 million yen ($64,168) per BTC. Notably, Metaplanet acquired the BTC amidst growing enthusiasm among market spectators of a notable surge in Uptober.
With the Tuesday addition, Metaplanet holds 506.7 BTC, valued at $32 million. The investment firm acquired the stash at an average price of 9.37 million ($64,931) yen per bitcoin.
Metaplanet Ramps up Bitcoin Acquisition
The October 1 purchase added to Metaplanet’s recent streak of Bitcoin acquisitions. The firm has now acquired Bitcoin every month since it announced that it has adopted the premier asset as its primary treasury reserve.
On September 10, Metaplanet announced it had acquired 38.46 BTC at an average price of 7.79 million yen per bitcoin. The firm also acquired 104.93 BTC and 114.37 BTC in July and August, respectively.
Dubbed the Asian MicroStrategy, Metaplanet followed in the footsteps of the Michael Saylor-founded firm by storing its treasury in the largest cryptocurrency by market cap. As MicroStrategy does, Metaplanet also raises funds to acquire additional Bitcoin.
In August, Metaplanet secured 1 billion yen at an annual percentage yield (APR) of 0.1% to acquire Bitcoin. Interestingly, the investment firm received the 6-month loan from UK-based MMXX Ventures Limited.
Meanwhile, an emerging trend has been seen among Japanese firms regarding Bitcoin acquisitions. On September 30, another Japan-based company, Remixpoint, acquired 64.4 BTC ($4.2 million). An earlier report showed that Remixpoint also bought 2,260.5 SOL, 12,269.9 AVAX, and 130.1 ETH, all worth $10.25 million.
Notably, this trend among Japanese firms came amidst the depreciation of the yen currency. Amidst the yen’s underperformance since the start of the year, these firms have turned to Bitcoin, popularly known to hedge against inflation and currency devaluation.
Metaplanet’s Stock Surge 4%
Following the announcement today, Metaplanet’s stock 3350.T surged over 4% to 1,049 yen. However, the 3350.T stock relinquished some of the gains, trading at 1,008 yen at the time of writing.
Notably, Metaplanet’s stock has been on an impressive run since adopting Bitcoin as its primary reserve. The stock is up 430% year-to-year and over 445% since mimicking MicroStrategy’s playbook in May.
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