Tokyo’s Beat Holdings Expands Bitcoin ETF Bet, Joins Metaplanet in Crypto Treasury Push
Beat Holdings Ltd. will increase its investment in Bitcoin-related exchange-traded funds, raising its crypto investment cap from $6.8 million to $34 million. The company has purchased 131,230 units of BlackRock’s iShares Bitcoin Trust (IBIT) at an average price of $49.49 per unit, realizing an unrealized gain of over $681,000 as IBIT closed at $58.66 on May 9. To finance further purchases, Beat drew $2.8 million from a revolving credit facility, incurring an estimated $150,000 in interest. Beat first adopted Bitcoin as its primary treasury reserve asset in February and views Bitcoin as a hedge against inflation and geopolitical uncertainty. This move aligns with a trend among Japanese firms entering the crypto market, similar to U.S. corporates like Metaplanet Inc., which holds over 5,500 BTC and aims for 10,000 BTC by 2025. Bitcoin's recent trading price was near $104,000 after recovering from a dip to $74,700 in April.
