Metaplanet’s Bitcoin holdings near 400 BTC with recent purchase

Metaplanet, often referred to as “Japan’s MicroStrategy” has continued its Bitcoin buying spree with the latest investment amounting to approximately $2 million.

This latest transaction, disclosed in a Sept. 10 filing, added 38.4 BTC to the firm’s holdings, bringing its total to more than 398.832 BTC, with the total value of these holdings currently estimated at $22.7 million.

Metaplanet made its first major move into Bitcoin on April 23, purchasing 1 billion yen worth of the cryptocurrency, roughly $6.59 million at that time.

In July, the firm continued its buying streak, acquiring 42.5 BTC for $2.5 million, followed by another purchase of 21.88 BTC for $1.2 million later that month.

By July 22, Metaplanet disclosed it had completed the acquisition of an additional 20.38 BTC, paying an average price of 9,813,061 yen per Bitcoin.

The firm’s appetite for Bitcoin showed no signs of slowing, as on August 20, it added another 57.273 BTC to its reserves, investing around $3.4 million.

As of publication time, the Japan-based firm had committed 3.75 billion yen (roughly 26.14 million) to its Bitcoin strategy.

Metaplanet’s bold moves

The latest Bitcoin purchase comes a day after the company announced its 11th series of stock acquisition rights.

In a Sept. 9 disclosure, Metaplanet stated that it would allow its executives to buy shares at a predetermined price under this offering.

The firm plans to exercise 540,000 warrants, aiming to raise 299.7 million yen to support its ongoing Bitcoin investment strategy. The delivery date for these shares is set for Sept. 18, with no expiry date mentioned in the disclosure.

Stock rights issues are meant to allow publicly listed firms to offer their shareholders the right to acquire additional shares at a discounted price.

A similar initiative was declared on August 6, with the company announcing plans to raise 10 billion Japanese yen million through a separate stock rights issue.

At the time, the firm said it would commit 8.5 billion yen of that amount, worth $58.76 million, to fund Bitcoin purchases.

Besides selling its shares for BTC acquisition, Metaplanet secured a loan for 1 billion yen on August 8, valued at approximately $6.8 million, from MMXX Ventures, one of the company’s stakeholders, to aid in its efforts.

Before that, in June, the company said it would issue 1 billion yen worth of bonds to raise money to buy Bitcoin.

To strengthen its Bitcoin strategy, Metaplanet recently partnered with SBI Group’s crypto investment arm, SBI VC Trade, to enhance its Bitcoin trading and custody services.

The collaboration aims to provide compliant corporate custody services, optimize tax efficiency, and enable the use of Bitcoin as collateral for financing.

As part of the partnership, Metaplanet gains access to SBI VC Trade’s “Exclusion Service for End-of-Period Valuation Taxation.”

This service allows companies to avoid paying corporate taxes on unrealized gains at the end of the fiscal period, allowing Metaplanet to hold Bitcoin without incurring additional tax liabilities.

Metaplanet’s Bitcoin strategy has had a positive effect on the company’s stocks, up 588.13% year to date.

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