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17/08/25 21:19 UTC-04

Metaplanet buys another 775 Bitcoin for $93M

Cryptocurrency Cryptocurrency
Cryptocurrency Metaplanet buys another 775 Bitcoin for $93M

Metaplanet Inc (TYO:3350) announced on Monday that it had purchased an additional 775 Bitcoin worth $93 million, bringing the Japanese hotel-operator-turned-crypto-treasury’s total holdings to 18,888 Bitcoin.

The company said it acquired the 775 Bitcoin at an average price of $120,006 per coin. This brings its overall stash to 18,888 Bitcoin, valued at roughly $1.94 billion.

The purchases came as Bitcoin faced heavy profit-taking late last week, pulling the cryptocurrency down from record highs of $124,000. As of 07:48 MSK, Bitcoin was trading 2.2% lower at $115,478.8.

Metaplanet’s shares rose 1.5% during Tokyo trading.

The company is conducting a series of capital raises aimed at expanding its Bitcoin reserves. Earlier in August, it announced plans to raise $3.7 billion in equity financing to fund further Bitcoin purchases.

Metaplanet is now the seventh-largest corporate holder of Bitcoin, behind Trump Media & Technology Group Corp (NASDAQ:DJT).

The company’s embrace of Bitcoin closely mirrors the strategy of MicroStrategy (NASDAQ:MSTR) under Michael Saylor (now Strategy), which has relied on multiple equity and debt raises to build a treasury of 628,946 Bitcoin. MicroStrategy is the world’s largest corporate Bitcoin holder and has seen massive gains in the past two years by tracking Bitcoin’s resurgence.

See also: "Bitcoin drops to $115K as altcoins also correct"

#Metaplanet #Buy #Bitcoin (BTC) #Reserves

Editor: Yuliya Soroka
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