Metaplanet Inc., an investment firm listed in Tokyo, recently disclosed that it has bought 156.78 Bitcoins at an average price of $66,436 each. Through this acquisition, the firm now holds 1,018.17 BTC worth of Bitcoin, equal to about $68.8 million. The move aligns with the company's plans announced in May, where Metaplanet aimed to accumulate Bitcoin as a reserve currency due to the deterioration of economic stability in the world, as seen by corporate treasurers.
Since adopting this strategy, Metaplanet has accelerated its investments in Bitcoin, progressing from 141.07 BTC in June to 398.83 BTC by September and crossing the 1,000 BTC threshold this month. This growth trajectory has positioned Metaplanet as one of Asia's largest corporate holders of Bitcoin.
Metaplanet raised approximately 10 billion yen ($66 million) through a stock acquisition rights offering last week to support its aggressive acquisition strategy, attracting 13,774 individual shareholders. The offering, announced on August 6, allowed shareholders to purchase shares at a reduced rate, bolstering the firm's capital to continue expanding its Bitcoin reserve.
Investors have also applauded the decision to retain profits by reinvesting in strategic assets instead of distributing dividends. This caused Metaplanet's stock to rise by 5.9% on the announcement day, posting a 610% gain year-to-date.
Metaplanet has partnered with Hoseki, a renowned Bitcoin verification provider, to enhance transparency and strengthen investor confidence in its Bitcoin strategy. This collaboration allows stakeholders to verify the authenticity and ownership of Metaplanet's Bitcoin holdings through Hoseki Verified. Such steps are crucial as corporate involvement in cryptocurrency grows, necessitating clear and reliable reporting practices.
The firm's proactive approach to leveraging blockchain technology to demonstrate accountability highlights its commitment to operational transparency. It also mirrors a growing inclination among businesses to adopt similar measures as digital assets become more integrated into corporate financial strategies.