Deniz 
Remarkably confident about the world’s biggest cryptocurrency, Japanese investment business Metaplanet Inc. revealed today that it bought an extra 38.464 bitcoin valued around 300 million yen ($2 million).
The Tokyo-listed company said in a statement that the most recent acquisition raised its overall bitcoin reserves to 398.832 bitcoin, roughly 3.75 billion yen ($26 million). After declining to a low of around $52,700 earlier this week, Bitcoin climbed 3.12% over the past 24 hours to trade at $56,732 at the time of writing.
According to Yahoo Finance, Metaplanet’s shares moved 4.42% higher on Tuesday in Japan, changing hands at about 1,086 yen after peaking earlier today at almost 2,000 yen. The afternoon session of trading for the stock is still going. The Nikkei 225 index stayed almost unchanged, rising 0.02%.
After declaring in May that it has begun to use bitcoin as its strategic treasury reserve asset, Metaplanet has been on a bitcoin buying frenzy in recent months. The company claimed at the time, “The move is a direct response to sustained economic pressures in Japan, notably high government debt levels, prolonged periods of negative real interest rates, and the consequently weak yen.”
With proceeds valued at 299.7 million yen, Metaplanet declared on Monday that its management would exercise the 11th series of stock purchase rights. “The money acquired will be used to buy bitcoins,” the firm added.
Metaplanet also revealed last week that it has teamed with SBI VC Trade, the cryptocurrency division of Japanese financial company SBI Group, for “access to a compliant corporate custody service that prioritizes tax efficiency and offers the potential to use bitcoin as collateral for financing.”
With 226,500 BTC, Michael Saylor-led MicroStrategy is still the biggest corporate bitcoin holding based on BitcoinTreasuries figures. Marathon Digital tracks with 25,000 BTC.
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