Japanese company buys over 38 new bitcoins
Tokyo-listed investment firm Metaplanet is continuing its strategy of acquiring bitcoin, buying 300 million yen (about $2 million) worth of bitcoin, according to a filing dated September 10.
The Japanese firm reportedly acquired about 38.4 bitcoin, bringing its total bitcoin holdings to more than 398.8 bitcoins, worth about $22.7 million at current market prices.
Also, reports have confirmed that Japanese company Metaplanet (which adopted Bitcoin as a reserve asset earlier this year) has been ramping up its investments in cryptocurrencies amid Japan’s economic struggles and the recent decline in the value of the Japanese yen.
The Bank of Japan recently raised interest rates to 0.25% in an attempt to boost the Japanese yen, a move that has prompted Metaplanet’s decision to further diversify its reserves into Bitcoin (a strategy often compared to the Bitcoin investments made by U.S.-based MicroStrategy).
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