Japanese early-stage investment firm Metaplanet acquired an additional $2 million worth of Bitcoin, increasing its total holdings to 398.832 BTC. This investment bolsters the firm's trust in Bitcoin as a strategic asset, similar to MicroStrategy's approach.
The Bitcoin purchase, announced on September 10, 2024, was for 38.464 BTC at around 300 million yen. Metaplanet's aggregate Bitcoin investment totals 3.75 billion yen ($26 million).
Bitcoin prices have risen 3.4% in the last 24 hours, potentially boosted by anticipated US Federal Reserve rate cuts. Metaplanet’s stock also surged 5.87%, despite a slight dip in the Nikkei 225 index.
Further, Metaplanet plans to exercise its 11th series of stock acquisition rights, using expected proceeds of 299.7 million yen ($2.10 million) to purchase more Bitcoin. This move is part of its “Bitcoin-first, Bitcoin-only approach” initiated in May 2024.
Metaplanet's strategy mimics US-based MicroStrategy's adoption of Bitcoin as a strategic reserve asset. Michael Saylor of MicroStrategy predicts Bitcoin's price could reach $13 million per BTC by 2045.
Immediate challenges include the US Federal Reserve's rate cut decisions, which could significantly affect Bitcoin prices.
