Metaplanet has bought an additional BTC worth 200 million yen.
Takeaway Points
- Metaplanet has bought an extra 20.381 BTC that is worth 200 million yen.
- The announcement was made on X.
- This is the fourth Bitcoin the company is buying in July, and the purchase of 20.381 BTC today marked the completion of the 1 million yen Bitcoin the company wants to buy.
- On May 7, 2024, Metaplanet welcomed Dylan LeClair as Director of Bitcoin Strategy.
- Dylan will spearhead the strategic corporate bitcoin strategy, leveraging all available tools in public capital markets to achieve accretive bitcoin accumulation.
Metaplanet Purchases Extra 20.381 BTC
Metaplanet, a company listed on the Tokyo Stock Exchange on Monday, said that it has bought an extra 20.381 BTC that is worth 200 million yen. The announcement was made on X.
This is the fourth bitcoin the company is buying in July; last week it purchased an additional 21.88 BTC, making it a total of 245,992 BTC it held. The purchase of 20.381 BTC today marked the completion of the 1 million yen Bitcoin the company wants to buy, Metaplanet said.
The company started to buy Bitcoin after it decided to adopt BTC as its strategic treasury reserve asset on May 13, 2024. Metaplanet decided to make the move of adopting BTC as its strategic reserve in order to sustain economic pressures in Japan, especially government debt levels, prolonged periods of negative real interest rates, and the consequently weak yen.
Metaplanet said that Japan’s economic environment is overshadowed by the highest government debt-to-GDP ratio in the developed world, currently standing at 261%, and the Bank of Japan (BoJ) has implemented a negative interest rate policy since 2016, only recently adjusting policy rates to a range of 0-0.1% from -0.1%.
On May 7, 2024, Metaplanet said that it had welcomed Dylan LeClair as Director of Bitcoin Strategy.
Metaplanet, in a comment, said that “Dylan brings expertise in bitcoin and macroeconomic analysis, positioning him as an invaluable addition to the team. Dylan brings critical industry experience from his role at UTXO Management, a bitcoin-focused hedge fund, where he developed allocation strategies for the liquid fund. His research, published in Bitcoin Magazine, provides quantitative insights into global bitcoin adoption trends.”
“At Metaplanet, Dylan will spearhead the strategic corporate bitcoin strategy, leveraging all available tools in public capital markets to achieve accretive bitcoin accumulation for the corporate balance sheet and align with Metaplanet’s long-term vision of advancing Bitcoin’s role in the global economy,” Metaplanet added.
Dylan LeClair, in a comment, said that he is happy to join Metaplanet as Director of Bitcoin Strategy.
“I’m thrilled to be joining @Metaplanet_JP, a TSE public company (3350), as Director of Bitcoin Strategy. Metaplanet is embracing a corporate #bitcoin standard, and will strategically leverage public capital markets to acquire additional $BTC for shareholders over time,” Dylan said.
Metaplanet’s strategic decision to invest 200 million yen in Bitcoin underscores its forward-thinking approach in diversifying financial portfolios amidst evolving market dynamics. This move not only positions Metaplanet at the forefront of digital currency adoption but also highlights its commitment to leveraging innovative opportunities for sustainable growth and resilience in an increasingly digital economy.
