Japanese investment company Metaplanet revealed that it had acquired another bitcoin (BTC) for 250 million yen ($1.6 million), increasing its total holdings of the largest cryptocurrency to 141 BTC, or roughly $9.4 million. Metaplanet’s stock increased 9.9%. Tuesday after it went public with the acquisition, which is its third since April 2024.
The business stated last month that it turned bitcoin into a reserve asset to lessen the danger it faced from Japan’s high debt levels and the yen’s subsequent volatility. Based on data from Statista, the government’s net debt to GDP ratio stood at the highest among the G7 in 2023, at approximately 159%. Canada exhibited the least amount, at 15%.
The software developer MicroStrategy (MSTR), situated in Tysons Corner, Virginia, has amassed 214,400 BTC, or $14.3 billion, since it began buying the asset in 2020 and is the largest corporate owner of the token. Metaplanet’s approach to bitcoin is similar to that of MSTR.