A little-known Japanese investment firm that made headlines for its Bitcoin buys just snapped up more of the biggest cryptocurrency. 

Metaplanet, which trades on the Tokyo Stock Exchange, announced Monday that it had bought 619.7 Bitcoin for a total of 9.5 billion yen ($60.5 million)—its largest single purchase of the orange coin. 

Only last week, Metaplanet said it would accelerate its Bitcoin buys by issuing debt. As of Monday, it owned 1,761.98 Bitcoin. That’s over $164 million in the biggest digital asset at today’s prices.

The company is copying the model established by American software firm MicroStrategy, which in 2020 started buying Bitcoin as a strategy to get shareholders the best value for money. It now holds 444,262 BTC—valued above $41 billion—following its latest buy. 

Go to Source to See Full Article
Author: Mathew Di Salvo