Metaplanet Buys Another $1.2M Worth of Bitcoin as Investment Strategy Progresses

I recently came across a announcement on a Tokyo-based company’s website. They disclosed that they had purchased 200 million yen (approximately $1.2 million) in bitcoin, bringing their total holdings up to 161.3 bitcoins. Not long after the close of trading at the Tokyo Stock Exchange, they made this announcement on their social media account X.

As a researcher, I recently came across an announcement from a company stating that they intended to expand their bitcoin holdings by purchasing an extra $6 million worth of Bitcoin. At the time of this decision, they already owned approximately $9 million in Bitcoins. The reason behind this investment focus on Bitcoin, as reported on Metaplanet’s website, can be attributed to adjustments in the investment landscape brought about by the Covid-19 pandemic.

The Bitcoin accumulation strategy follows the lead of MicroStrategy, a software developer based in Tysons Corner, Virginia, who have been purchasing Bitcoin for nearly four years. They now own over 226 Bitcoins, which represents more than 1% of the total supply that will ever be mined.

Metaplanet shares rose 1% before the announcement.