Japanese investment firm Metaplanet Inc. doubled down on its Bitcoin (CRYPTO: BTC) investment even as the digital currency continues to bleed.
What Happened: The Tokyo Stock Exchange-listed company grabbed an additional 42.47 Bitcoins, according to a disclosure during Asian hours Monday. The purchase amounted to 400 million yen, worth nearly $2.5 million at Bitcoin's prevailing market price.
*Metaplanet purchases additional 42.47 $BTC* pic.twitter.com/dPotWszW1Y
— Metaplanet Inc. (@Metaplanet_JP) July 8, 2024
With the latest grab, the firm's total Bitcoin holdings shot up to 203.73, worth 2.05 billion yen, or $15.56 million, making it Japan's biggest corporate holder of the digital currency.
See Also: Spot Ethereum ETFs Could Launch In A Week Or Two, Says ETF Analyst Nate Geraci: 'How Quickly Will SEC Turn These Around?'
Why It Matters: Metaplanet has embarked on a sustained push to add the world's largest digital asset to its balance sheet.
The company adopted Bitcoin as a strategic treasury reserve asset in response to Japan's economic woes, which has seen the national currency yen plunge sharply against the U.S. dollar.
These strategic investments mirror the actions of MicroStrategy Inc. (NASDAQ:MSTR), a technology company that has taken the lead in purchasing Bitcoins as part of its reserve strategy.
Currently, MicroStrategy is the largest corporate owner of the digital asset, with holdings worth $12.53 billion at the time of writing.
Price Action: At the time of writing, Bitcoin is exchanging hands at $55,317.30, down 4.04% in the last 24 hours, according to data from Benzinga Pro.
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