Japanese investment company Metaplanet currently holds over $168 million worth of Bitcoin (BTC).
Afterwards, the company started accumulating the highest-valued cryptocurrency and announced earlier this year that its fund management strategy had changed, purchasing a total of 156.78 BTC over the weekend.
Metaplanet explained at the time, “This move is a direct response to the ongoing economic pressures in Japan, particularly the high government debt levels, long-term negative real interest rates, and the resulting weakness of the yen. Metaplanet’s strategy clearly prioritizes Bitcoin for the company, using a Bitcoin-only approach, and may consider long-term yen liabilities and periodic stock issuances as strategic financial choices to continuously accumulate more Bitcoin, rather than holding onto the increasingly weak yen. This approach aims to increase shareholder value based on the value of Bitcoin per share.”
According to reports, Metaplanet currently holds 1,018 Bitcoins, making it the largest corporate Bitcoin holder in Japan, the second largest in Asia, and the 19th largest in the world.
At the time of writing this article, the trading price of Bitcoin is $72,681. The top-ranked cryptocurrency has risen over 4% in the past 24 hours and nearly 8% in the past week.
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Generated image: Midjourney.