They’re Buying More Bitcoin 🤑
Metaplanet, because what could possibly go wrong with that name, is a Japanese firm that’s decided to follow in the footsteps of Strategy (formerly MicroStrategy) by accumulating more Bitcoin. Yeah, because that’s been working out so well for everyone else… 💸
According to a March 31 filing, Metaplanet issued 2 billion Japanese yen ($13.3 million) of bonds to buy more BTC. And let me guess, they didn’t even use a coupon clipper to get the best deal 🤣
The firm’s CEO, Simon Gerovich, wrote in an X post that the company was taking advantage of the recent downturn in Bitcoin prices. Because what could possibly go wrong with investing in something that’s going down in value? 🤔
Metaplanet is Asia’s top corporate Bitcoin holder and the 10th in the world, according to BitcoinTrasuries data. Currently, the firm owns about 3,200 Bitcoin worth about $1.23 billion. Wow, that’s a lot of money to throw away on a glorified digital collectible 🤑
Following in the footsteps of giants… into a dumpster fire
Metaplanet is often called “Asia’s MicroStrategy,” as its corporate strategy closely mirrors that of Strategy (formerly MicroStrategy), the US-based market intelligence firm that shifted its primary focus toward accumulating Bitcoin. And we all know how that’s working out… 😒
Earlier this month, Metaplanet also purchased 150 Bitcoin, chipping away at its objective of accumulating 21,000 BTC by 2026. Yeah, because that’s a totally realistic goal… 👏
Also, this month, Metaplanet started exploring a potential US listing as the company acquired another 156 BTC. Because what could possibly go wrong with listing a company that’s hemorrhaging money on a digital asset? 🤦♂️
Also, Metaplanet is making powerful friends in the US political landscape. Earlier in March, the company appointed US President Donald Trump’s son Eric to its newly established strategic board of advisers to further Metaplanet’s mission to become a “global leader in the Bitcoin economy.” Because what could possibly go wrong with involving a member of a family with a history of questionable business dealings? 🤷♂️
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2025-03-31 15:44