According to Coinworld, Japanese investment firm Metaplanet currently holds over $168 million worth of Bitcoin (BTC) purchases. Subsequently, the company began accumulating the highest market capitalization crypto asset, announcing earlier this year a shift in its fund management strategy, which included a total purchase of 156.78 BTC over the weekend. At that time, Metaplanet explained, “This move is a direct response to the ongoing economic pressures in Japan, particularly high levels of government debt, long-term negative real interest rates, and the resulting weakness of the yen. Metaplanet’s strategy clearly prioritizes a Bitcoin-first, Bitcoin-only approach, and may consider long-term yen liabilities and periodic stock issuances as strategic financial options to continuously accumulate more Bitcoin instead of holding increasingly weakened yen. This approach aims to create value on a per-share Bitcoin basis, thereby supporting shareholder value in the long run.”
It is reported that Metaplanet currently holds 1,018 Bitcoins, making it the largest corporate holder of Bitcoin in Japan, the second largest in Asia, and the 19th largest globally according to Bitcoin Finance Network. As of the time of writing, Bitcoin’s trading price is $72,681. The market capitalization leading crypto asset has risen over 4% in the past 24 hours and nearly 8% in the past week.
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