Metaplanet buys more Bitcoin as Japan’s economic woes linger

Tokyo-based Metaplanet Inc. has splashed 400 million yen ($2.4 million) on 42 additional Bitcoin. Metaplanet’s continued acquisition of Bitcoin defies the shifting crypto market sentiment spearheaded by selling pressure from major entities.

The publicly traded firm’s brought its Bitcoin haul to 203 BTC with its latest acquisition, a disclosure statement reads.

Last month, the firm established a subsidiary, Metaplanet Capital Limited, to enhance its Bitcoin holdings and capitalize on international growth opportunities.

Metaplanet’s purchase comes at a time when Japan continues to grapple with decades-long economic challenges.The Japanese Yen is seeing the its weakest level against the dollar since 1986 and its lowest value against the euro on record.

Japan is beleaguered by a prolonged economic stagnation, an aging population, and a shrinking workforce. These has further exacerbating Japan’s financial headaches.

In the face of sluggish demand, the Bank of Japan (BOJ) has maintained an accommodative monetary policy, attempting to stimulate growth by keeping interest rates low despite other major developed nations moving in the opposite direction.

Valued at $97 million, Metaplanet’s purchase aligns with other companies seeking to place the world’s largest crypto on their balance sheet, including the likes of MicroStrategy.

As of July 2024, MicroStrategy holds a total of 226,331 BTC valued at $12.5 billion.

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