Metaplanet, a publicly traded Japanese company, has purchased another ¥500 million ($3.7 million) worth of bitcoin. This latest buy comes after the firm secured a ¥1 billion loan last week to acquire Bitcoin.
Metaplanet bought 57.273 bitcoins at an average price of ¥8.73 million per bitcoin. This brings its total Bitcoin holdings to 360.368 bitcoins acquired for ¥3.45 billion ($25.6 million).
Metaplanet first announced plans to raise ¥10.08 billion through a public offering to fund Bitcoin purchases on August 6. A week later, it secured a ¥1 billion loan to buy Bitcoin, which it has now used to purchase over 100 Bitcoin so far.
The Japanese firm is aggressively expanding its Bitcoin reserves by borrowing capital at low interest rates. This mimics the “buy Bitcoin strategy” of MicroStrategy, which since 2020 has sold debt and equity to amass over 226,500 Bitcoin treasury.
