Metaplanet, a publicly traded company in Japan focused on Bitcoin asset allocation, has made another move today (25th), announcing an investment of approximately $11.7 million to purchase 103 Bitcoins, continuing to expand its holdings.
Metaplanet's announcement stated that the company currently holds 18,991 Bitcoins, with a total investment cost of $1.954 billion, averaging a cost of $102,712 per Bitcoin.
Metaplanet is currently the largest publicly traded company by Bitcoin holdings in Japan, ranking 7th globally, surpassing well-known companies such as Coinbase, Tesla, and mining company Hut 8.
Starting in 2024, Metaplanet has shifted towards Bitcoin asset allocation as a hedge against inflation. The company set an ambitious goal this June to hold over 210,000 Bitcoins by the end of 2027, which would account for 1% of the total Bitcoin supply.
It is worth noting that Metaplanet also received another piece of good news this week. According to the assessment results released by FTSE Russell, Metaplanet has been upgraded from 'small-cap' to 'mid-cap' and is officially included in the FTSE Japan Index.
Metaplanet President Simon Gerovich stated: "This is a key milestone in Metaplanet's development as Japan's leading Bitcoin reserve company."
The news drove Metaplanet's stock price up about 3.5% during Monday's midday trading. However, the stock price has still dropped 26.9% over the past month, but it has risen by as much as 147.9% since the beginning of the year.
"Japan's Metaplanet invests $11.7 million to increase Bitcoin holdings to 18,991 coins" was first published on (Blockke).
