Japan’s Metaplanet boosts Bitcoin reserves to nearly 400 BTC

Japanese investment firm Metaplanet is intensifying its Bitcoin accumulation strategy, recently purchasing ¥300 million (approximately $2 million) worth of Bitcoin. This latest acquisition of over 38.4 BTC brings its total holdings to more than 398.8 BTC, valued at around $22.7 million based on current market prices.

Metaplanet, which adopted Bitcoin as a reserve asset earlier this year, is responding to Japan’s economic challenges and the yen’s depreciation. The Bank of Japan recently raised its benchmark interest rate to 0.25% in an effort to strengthen the yen, prompting Metaplanet to diversify its reserves into Bitcoin. This strategy has drawn comparisons to U.S.-based MicroStrategy’s investments in Bitcoin.

A week ago, Metaplanet announced a partnership with SBI VC Trade, a subsidiary of Japan’s SBI Group, to access corporate custody services and financing options that use Bitcoin as collateral. This collaboration aims to improve compliance and tax efficiency for the firm’s expanding crypto portfolio.

Earlier this year, Metaplanet indicated plans to raise $70 million through stock rights offerings, with 80% of the funds designated for additional Bitcoin purchases. This pivot toward Bitcoin has proven beneficial for shareholders, as the firm’s stock has surged more than 545% year-to-date, reflecting the growing interest in Bitcoin as an alternative asset amidst ongoing financial uncertainty in Japan.