Japanese investment firm Metaplanet currently holds over $168 million worth of Bitcoin after recent BTC purchases.
After announcing a change in its financial management strategy earlier this year, the company began accumulating the top crypto asset by market cap, purchasing a total of 156.78 BTC over the weekend.
To explain about Metaplanet at that time,
“This move is a direct response to sustained economic pressures in Japan, particularly high government debt levels, a long period of negative real interest rates, and the resulting weaker yen. Metaplanet's strategy is to A Bitcoin-first, Bitcoin-only approach is a clear priority for the company, with long-term yen debt as a strategic financial option to continually accumulate more Bitcoin, rather than maintain a weaker yen. This approach is designed to be accretive on a Bitcoin per share basis and support shareholder value over the long term.”
According to BitcoinTreasuries.net, Metaplanet holds a total of 1,018 Bitcoins and is currently the largest corporate BTC holder in Japan, second in Asia and 19th in the world.
At the time of writing, Bitcoin is trading at $72,681. The top crypto asset by market capitalization is up more than 4% in the past 24 hours and nearly 8% over the past week.
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