- The Bitcoins total 117.7, with a value of $7.19 million.
- The company cites the deterioration of the Japanese yen.
Publicly listed Japanese investment firm Metaplanet has officially announced the addition of Bitcoin as a reserve asset to its portfolio. The May 13 announcement indicated that the purchase was prompted by the continued bleeding of the Japanese Yen.
The disclosure comes days after the company issued a notice concerning the Bitcoin acquisition. The company indicated a total of 117.7 Bitcoin purchases, equivalent to $7.19 million at the price of $65,000 per BTC.
The latest move also underscores Metaplanet’s Bitcoin endeavors. The company said in its latest statement:
“This strategic decision is driven by both the need to mitigate the yen currency risks associated with Japan’s fiscal policies, as well as the opportunity to capitalize on the continued monetization process of bitcoin as it steadily entrenches itself across the balance sheets of the world.”
See Related: MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio
A Bitcoin-Focused Strategy
The 3.5-billion-yen ($20 million) market cap company elicited a buzz on social media in April, after announcing a Bitcoin-focused strategy. The company made its initial Bitcoin purchase for approximately $6.5 million. The purchase fueled Metaplanet’s share price by up to 75% on the Tokyo Stock Exchange.
On May 7, Metaplanet announced the appointment of Dylan LeClair as its director of Bitcoin Strategy. The company lauded LeClair as a prominent Bitcoin advocate, who also holds expertise in macroeconomic analysis. CEO Simon Gerovich took to X, calling it “just the beginning.”
Meanwhile, the Japanese Yen has been under pressure over the past three years. The currency has also been the worst performer among major currencies against the dollar in 2024, hitting record lows since the 1990s in April. However, the country has been positioning itself for crypto innovation, preferring the regulatory route for companies.
