Metaplanet's Strategy Of Bitcoin Acquisition As Reserve Asset Amid Japan's Debt Burden
Metaplanet, a Japanese owned consulting and investment firm, has decided to take Bitcoin as its primary reserve asset for its treasury. This was a strategic move, and its emerging as Japan is currently going through a high debt situation, and the Japanese Yen has been unstable.
Metaplanet has mentioned that the firm's primary goal was acquiring Bitcoin as first, and only strategic move; as opposed to holding on to Yen's long historical debts. Metaplanet emphasized that its plans was to acquire additional Bitcoin, instead of holding on to Yen, which has been getting weaker.
Recently, Metaplanet has announced its goal of purchasing a total of 200 million Yen, approximately $1.25 million worth of Bitcoin. On the 10th of May 2024, Metaplanet declared its purchase of about 19.87 Bitcoin.
The firm has purchased about 117.7 Bitcoin, approximately $7.19 million, since the month of April 2024. This continuous purchase of Bitcoin by Metaplanet, is similar to that of MicroStrategy (MSTR), a United States listed company; that has been popular for acquiring additional Bitcoin to its large holdings.