The Japanese investment firm Metaplanet now holds more than $168 million worth of Bitcoin after a recent BTC purchase.
The firm began accumulating the top crypto asset by market cap after it announced a shift in its treasury management strategy earlier this year, purchasing a total of 156.78 BTC over the weekend.
Explained Metaplanet at the time,
“This move is a direct response to sustained economic pressures in Japan, notably high government debt levels, prolonged periods of negative real interest rates, and the consequently weak yen. Metaplanet’s strategy unequivocally prioritizes a Bitcoin-first, Bitcoin-only approach for the Company, with the potential use of long-dated yen liabilities and periodic share issuances as strategic financial options to continually accumulate more Bitcoin instead of retaining the ever-weaker yen. This approach is designed to be accretive on a bitcoin per share basis, underpinning shareholder value on a long-term basis.”
With holdings totaling 1,018 Bitcoin, Metaplanet is now the largest corporate BTC holder in Japan, the second-largest in Asia and the 19th-largest in the world, according to BitcoinTreasuries.net.
Bitcoin is trading at $72,681 at time of writing. The top-ranked crypto asset by market cap is up more than 4% in the past 24 hours and nearly 8% in the past week.
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The post Japanese Investment Firm Now Holds Over $128,000,000 in Bitcoin After Latest BTC Accumulation Spree appeared first on The Daily Hodl.
