Metaplanet Makes $1 Billion Yen Bitcoin Purchase on Tokyo Stock Exchange
On July 22, Metaplanet Inc. finalized its 1 billion yen ($6.4 million) bitcoin acquisition by purchasing an additional 200 million yen worth of bitcoin, or 20.381 BTC.
This purchase brings Metaplanet’s total bitcoin holdings to 245.992 BTC. The Tokyo Stock Exchange-listed company is strategically shifting to bitcoin as its primary treasury reserve asset to leverage excess cash flow and enhance financial stability.
This move is part of Metaplanet’s broader strategy to address Japan’s economic issues, such as high government debt, negative interest rates, and a weak yen, while aiming to boost shareholder value.
Clever Robot News Desk 25th July 2024
