Meta Planet Acquires Additional $1.27M in Bitcoin as Yen Declines

• Metaplanet has acquired an additional $1.2 million worth of Bitcoin, increasing its total holdings to 246 BTC.
• This purchase is part of Metaplanet’s strategy to hedge against the weak Japanese Yen, aiming to protect its assets.
• The company plans to continue investing in Bitcoin, anticipating further instability in the traditional currency markets.

The popular Japanese firm Meta Planet has purchased an additional 20.38 worth of Bitcoin in its stock worth $1.2M.

The firm had announced the purchase of Bitcoins on June 24, of this year. In its recent post in X space, the firm confirmed that the purchase has been made with an average purchase price of ¥9.8M($62K)  and an aggregated price of ¥200M($1.27M)

This recent buy is Metaplanet’s fourth Bitcoin acquisition in July and has raised its total holdings to nearly 246 BTC, with an estimated value of $16.7M.

Meta Planet has been hugely and keenly investing with the crypto giant BTC to shield itself from the weak Japanese Yen, which has not been stable in the stock market showing potential signs of inflation.

The firm is set to increase its Bitcoin stockpile shortly after ditching the old Japanese Yen, the move will help the firm to gain more shares with many investors showing interest to shift their shares in the digital currencies.

Bitcoin has shown great investment opportunities with the largest holders of Bitcoin like Satoshi Nakamoto a Japanese-American, public companies like MicroStrategy and Tesla, institutional investment trusts such as Grayscale, individuals known as “Bitcoin whales,” and even some governments through legal seizures and strategic purchases like the United States and El Salvador.

Meta Planet has won itself the name “Asia Microstrategy” because of its similar needs in Bitcoin investment as a company just like the American Bitcoin development company.

The company has said that its Bitcoin holdings intended for long-term retention would be documented at their purchase cost. These holdings are not subject to taxation based on end-of-period market value assessments.

Additionally, the company mentioned that its other Bitcoin holdings would be appraised at market values every quarter. Resulting gains or losses from these appraisals will be recognized as non-operating income or expenses.

Bitcoin has seen its surge in crypto with it trading at $67,343 during the hour of press time and at the time of writing with an increase of 0.90% as it is end it all all-time high of $73K.