Japanese investment giant MetaPlanet has purchased an additional 21.88 BTC for 200 million yen (about $1.2 million). The company now owns 225.6 BTC, which is valued at $14.6 million.
MetaPlanet, formerly known as Red Planet Japan, was originally a budget hotel operator in Japan before rebranding itself as a Web3 and metaverse-focused organization. In April 2024, MetaPlanet announced plans to add Bitcoin to its investment portfolio by partnering with Sora Ventures and UTXO Management. MetaPlanet is also partnering with Morgan Creek Capital CEO Mark Yusko.
MetaPlanet management called the Bitcoin purchase an attempt to protect itself from the weakening Japanese economy, as the country has one of the highest debt-to-gross domestic product ratios in the world. In addition, the Japanese yen has hit a 34-year low against the U.S. dollar, requiring intervention from the Bank of Japan. MetaPlanet said that Bitcoin investments will help the company withstand the economic crisis and the depreciation of the national currency.
“This strategic decision is driven by the need to mitigate the yen’s currency risks associated with Japan’s fiscal policy. We also have the opportunity to benefit from Bitcoin as it becomes more firmly entrenched on the balance sheets of international companies,” MetaPlanet said.
Recall that in March, the American software development company MicroStrategy also additionally purchased 9,245 BTC for $623 million. MicroStrategy began buying bitcoins in August 2020, and has now become one of the largest public holders of bitcoin in the world.
