Japan's Metaplanet Buys Another $6.7M Worth of Bitcoin
Summary
Metaplanet, a Japanese investment adviser, purchased an additional 1 billion yen ($6.7 million) worth of bitcoin, increasing its holdings to 639.5 BTC, valued at approximately $40.6 million. The company acquired around 108.8 BTC at an average price of just under 9.2 million yen per coin. Metaplanet has spent nearly 6 billion yen on bitcoin as a reserve asset to hedge against currency volatility. It holds the second-largest bitcoin stash among Asia-listed companies, following Meitu. Metaplanet also sold bitcoin put options, earning a premium of 23.972 BTC ($1.44 million). Its shares have risen 7.9% to 988 yen, up over 500% year-to-date.
