Metaplanet CEO Advocates Bitcoin Accumulation as Holdings Surpass 300 BTC

The Japanese public company Metaplanet announced the acquisition of an additional 57.1 BTC for 500 million yen (~$3.3 million). The company’s total bitcoin holdings have reached 303.095 BTC ($18 million).

Last week, the firm secured a loan of 1 billion yen ($6.8 million) with an annual interest rate of 0.1%. Most of the funds were intended for the purchase of the leading cryptocurrency. 

Always be stacking #Bitcoin @Metaplanet_JP pic.twitter.com/c34goVoLa8

— Simon Gerovich (@gerovich) August 13, 2024

“Always accumulate bitcoin,” commented Metaplanet CEO Simon Gerovich. 

The company’s shares fell by 5.8% in the latest trading session. 

In April, Metaplanet announced the transfer of treasury funds into digital gold. 

At that time, the company explained in a letter to investors its decision to convert capital into cryptocurrency due to the persistent weakening of the yen as a result of negative interest rate policies. Despite its volatility and downturns, bitcoin has steadily increased over the years. The firm expects digital gold to continue outperforming the Japanese currency.

Back in June, Metaplanet planned to raise 1 billion yen ($6.26 million) for the purpose of acquiring bitcoin. 

In the same month, it increased its reserves of the leading cryptocurrency to 141 BTC by purchasing an additional 23 BTC for approximately $1.58 million.