- Metaplanet has advanced its Bitcoin accumulation strategy with a fresh acquisition.
- The company’s latest purchase cost millions.
- Metaplanet CEO ruled out investment into altcoins, reiterating commitment to BTC.
Japanese investment firm Metaplanet announced Tuesday its additional multimillion-dollar Bitcoin acquisition, underscoring its commitment to the original cryptocurrency as part of its corporate strategy.
Metaplanet’s BTC buying spree started early this year after the company pivoted to a “Bitcoin First Bitcoin Only” as a direct response to sustained economic pressures in Japan. Other local companies that have turned to digital assets amid inflation concerns include Remixpoint, which recently invested $5.7 million into Bitcoin, Ether, Solana, and AVAX.
Metaplanet Reinforces Bitcoin Commitment
According to a notice shared by Metaplanet CEO Simon Gerovich on October 1, the company has purchased additional Bitcoins worth 1 billion yen ($6.9 million). The 107.913 Bitcoins were bought at an average price of 9,266,724 yen ($64,184) per BTC.
Sponsored
The fresh acquisition brought Metaplanet’s total Bitcoin holdings to 506.745 BTC, valued at about $32.2 million at the current market rate. Per the company’s disclosure, these Bitcoins were acquired for 4.7 billion yen at an average price of 9,373,557 yen ($64,882) per BTC.
In a recent interview with Japanese Web3 magazine Iolite, Gerovich said that Metaplanet viewed Bitcoin as a long-term investment, noting that the crypto asset’s price could eclipse $1 million per BTC in the “next 5 to 10 years.”
“This is based on several factors. Bitcoin’s fixed supply, increased adoption by institutional investors as a store of value, and the broader macroeconomic environment that favors hard assets over fiat currencies,” Gerovich explained.
Gerovich reiterated Metaplanet’s commitment to Bitcoin, noting that the company had “no reason” to diversify into altcoins despite other assets having unique use cases.
Read how Peter Schiff dismissed Bitcoin as Gold’s digital imposter:
Schiff Dismisses Bitcoin as Gold’s Digital Imposter
Stay updated on how Bitcoin ETFs attracted over a billion last week:
Bitcoin ETFs See $1.1B Weekly Inflows After 7-Day Positive Streak
