Japanese public company Metaplanet has made an additional purchase of Bitcoin on Monday, October 7th. According to the firm’s announcement, Metaplanet has purchased 108.78 Bitcoin worth 1 Billion Yen.
The buying spree comes at a time when Bitcoin is trading significantly up at $63,507.24. The value is a growth of nearly 2.5% as compared to the same time last day.
According to UnoCrypto calculations, the purchase is approximately $6.9 million and will bring the company’s total Bitcoin holdings to 639.503 BTC.
Metaplanet’s Bitcoin Buy Mimics Global Leaders In The Game
For a while now, Metaplanet has been pursuing a Bitcoin trading strategy with great vigor. Just last week, Asia’s MicroStrategy Metaplanet, renowned for its cutting-edge approach to digital asset management, performed a successful selling of Bitcoin put options. This sale did not only produced a substantial premium income but also put the company in a position to potentially increase its Bitcoin holdings.
This action signifies a change in the way Metaplanet’s corporate treasury is managed. Therefore, it looks like Asia’s MicroStrategy is indeed following the tips and tricks of its US peers.
The company’s Bitcoin adoption is likely a result of conventional economic obstacles, especially in light of Japan’s negative interest rate and quantitative easing policies.
Metaplanet Strengthens Bitcoin Acquisition; Advocates BTC Adoption
Metaplanet has time and again tried to strengthen its Bitcoin acquisition strategy, mimicking what others in the industry, especially MicroStrategy.
On September 2nd, Metaplanet Inc. and SBI VC Trade Co., announced a strategic relationship. The partnership was a major development in Metaplanet’s corporate strategy for accumulating Bitcoin.
A feature of Metaplanet’s this agreement was the use of Bitcoin as loan collateral. The agreement supports Metaplanet’s objective of becoming into a cutting-edge provider of financial services by putting an emphasis on tax-efficient custody services.
Additionally, the company has tried voicing out its optimistic opinions to help better advocate for the adoption of Bitcoin. Earlier in the year, Metaplanet became a part of the “Bitcoin for Corporations” program. The goal of this initiative was to increase the integration and adoption of Bitcoin globally.
The Japanese public corporation had announced that it had chosen to join this project as a founder member. The program at present seeks to support corporate leaders in promoting the usage and integration of Bitcoin globally by offering them educational materials and resources.