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As the price of Bitcoin (BTC) drops and small investors sell, publicly traded Japanese companies continue to add more and more BTC to their stash. In this regard, Metaplanet announced the addition of another 42.47 BTC to its cash.

According to a document published on the company’s X profile, the purchase was for 400 million yen, or $2.42 million at current exchange rates. Interestingly, the purchase occurred when the price of BTC fell below $54,500, meaning the company was able to acquire it right at the low.

Metaplanet surprised the market by adopting a Bitcoin accumulation strategy, making purchases since late May. As a result, the company has earned the nickname “Japan’s MicroStrategy,” as the strategy resembles that adopted by Michael Saylor’s company.

Since its initial purchase, the company has been expanding its Bitcoin investment strategy by establishing a new subsidiary in the British Virgin Islands. This move aims to strengthen its position in the cryptocurrency market and increase its Bitcoin reserves as part of its long-term financial strategy.

With the latest purchase, Metaplanet has accumulated a total of 203.73 BTC in its cash portfolio with a total investment value of 2.05 billion yen ($12.4 million). Metaplanet’s market cap currently stands at 14.5 billion yen, with Bitcoin holdings on its balance sheet totaling 2 billion yen.

In other words, BTC cash accounts for about 14% of the company’s market cap. But some market analysts expect BTC’s appreciation to push this figure to exceed 100% in the near future.

Dylan LeClair, Metaplanet’s Chief Strategy Officer, is the person behind these purchases. In one of his most recent podcasts, Leclair highlighted the favorable environment in Japan as a catalyst for this strategy.

“Japan’s favorable environment for Bitcoin adoption presents a unique opportunity for corporate strategy and growth,” he said.

Just like the company, LeClair is also gaining popularity and has been nicknamed the “Michael Saylor of Metaplanet.”

Keeping an eye on the stocks

As the company announced new BTC purchases, its stock price saw significant gains. After seeing some volatility on Monday (8), the stock price rose 2.5% in Japanese trading.

Since the start of 2024, Metaplanet’s shares have gained 382%, with most of that increase driven by the company’s Bitcoin adoption strategy. Last month, Metaplanet’s share price hit 107 yen on the Tokyo Stock Exchange, up 500% in a year.

On the other hand, the price of BTC fell more than 10% in the last week, reaching a low of US$ 54,420. However, there was a brief recovery and the cryptocurrency is hovering around the US$ 57,000 range.

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Source: https://www.criptofacil.com/japonesa-metaplanet-anuncia-compra-de-us-24-milhoes-em-bitcoin/



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