Japanese investment firm Metaplanet continues its aggressive Bitcoin purchasing strategy by buying an additional ¥300 million ($2 million) worth of BTC. This brings the firm’s total Bitcoin holdings to nearly 400 BTC, according to a September 10 filing.
Metaplanet’s Bitcoin Strategy
Metaplanet began its Bitcoin-buying spree in April 2024, and the company views this as a key long-term strategy. With Bitcoin prices recently dipping below $54,000, Metaplanet took advantage by purchasing 38.464 BTC at an average price of ¥7.8 million ($54,517). The firm has now invested a total of ¥3.75 billion ($26.12 million) into Bitcoin.
This aggressive buying strategy seems to be paying off. Metaplanet's stock has seen a surge, rising from ¥190 ($1.32) earlier this year to ¥1,101 ($7.69) currently. However, the stock has pulled back from its July high of ¥3,000 ($20.95).
Following MicroStrategy’s Lead
Metaplanet’s approach mirrors that of U.S. firm MicroStrategy, which has accumulated over $13 billion in Bitcoin under the leadership of CEO Michael Saylor. Earlier this week, Saylor predicted that Bitcoin could rise to $13 million over the next 21 years, which would significantly benefit holders like Metaplanet.
Information source: Decrypt
