Japanese publicly traded company Metaplanet has expanded its Bitcoin buying spree, according to a Monday announcement.
The company has bought an additional 38.464 BTC for ¥300 million (roughly $2 million at press time).
As reported by U.Today, Metaplanet’s previous Bitcoin purchase took place on Aug. 20. Back then, it purchased
The cryptocurrency-friendly now holds 398.832 Bitcoins. So far, of course, its holdings are relatively small.
Metapanet, which used to be a failing business venture managing low-cost hotels, pivoted to a Bitcoin strategy back in May. Its main motivation was adopting an asset that could protect its reserves from the weakening yen.
Corporate Bitcoin adoption
According to a recent report by River Financial, 10% of US companies could end up buying more than $10 billion worth of Bitcoin within the next 18 months. While this sort of assessment is on the optimistic side, this projection still shows that 2025 could finally be the year of corporate Bitcoin adoption.
MicroStrategy, which debuted its trailblazing Bitcoin strategy back in 2020, remains the largest Bitcoin holder by a huge margin.
Even though major firms failed to follow MicroStrategy's lead, businesses already account for a rather decent 3.3% of total Bitcoin holdings. However, corporate adoption is mostly limited to North America. American and Canadian firms account for more than 50% of total holdings.
Companies like Metaplanet could potentially push corporate Bitcoin adoption in Japan.
In other news, Japan’s largest power company recently started using excess green power for mining Bitcoin.
Gamza Khanzadaev