Metaplanet Expands Bitcoin Holdings to Over 500 BTC, Secures $6.9 Million Loan Amid Yen Volatility

Metaplanet just bought another 107 BTC at an average price of 9.26 million yen, which is about $64,168 per bitcoin. That totals up to $6.9 million, and they funded this purchase with a loan from MMXX Ventures.

Now, the company holds over 500 BTC. They’re using it as a strategic reserve to protect against yen volatility and Japan's debt. This move has led to a remarkable 420% increase in their stock price since they started investing in bitcoin back in April.

Earlier today, Metaplanet announced the purchase of these additional bitcoins. They arranged a $6.8 million loan in early August specifically to boost their bitcoin holdings. The money came from MMXX Ventures, based in the British Virgin Islands, and it was all set aside for buying bitcoin.

In May, Metaplanet decided to adopt bitcoin as a strategic reserve asset. They want to hedge against Japan's debt burden and the fluctuations in the yen. Their journey began in April when they made their first purchase of 117.7 BTC, worth $7.19 million at that time.

Now, Metaplanet is the largest holder of bitcoin among publicly traded Asian companies, second only to Meitu from Hong Kong. According to Bitcoin Treasuries data, they accumulated their holdings at an average price of 9,373,557 yen, or about $64,931.

This strategic decision has positively impacted their stock prices. As of Tuesday, their market capitalization to holdings ratio hit a joint highest of 20%. Share prices have jumped over 420% since their April purchases, even though bitcoin itself has dropped by 3%. The monthly increase in bitcoin per share continues to benefit their shareholders.