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Metaplanet, a Japanese publicly traded company recently known for its steady Bitcoin accumulation, has purchased another ¥500 million worth of Bitcoin (BTC), the company’s CEO Simon Gerovich said in a recent post on X.

Always stack #Bitcoin @Metaplanet_JP photo.twitter.com/c34goVoLa8

— Simon Gerovich (@gerovich) August 13, 2024

The latest acquisition brings Metaplanet’s total Bitcoin holdings to around 303 BTC, worth nearly $18 million. The move comes after the company announced last week that it had secured a ¥1 billion loan earmarked entirely for the purchase of Bitcoin.

Metaplanet also announced that it plans to raise approximately $70 million through a rights offering, with approximately $58 million set aside for further investment in Bitcoin.

Despite a recent downturn in the Bitcoin market, Metaplanet’s continued investment reflects its commitment to using the flagship cryptocurrency as a treasury reserve asset. The company aims to provide domestic investors with Bitcoin exposure while also benefiting from favorable tax treatment.

Metaplanet’s Bitcoin strategy is inspired by MicroStrategy, a large American software company known for its substantial Bitcoin investments. Metaplanet sees Bitcoin as a strategic long-term investment and a hedge against the depreciation of the yen and Japan’s high government debt.

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