Tokyo’s Beat Holdings Expands Bitcoin ETF Bet, Joins Metaplanet in Crypto Treasury Push
Publicly-listed Beat Holdings Ltd. said Thursday it will boost its investment in Bitcoin-related exchange-traded funds, becoming the latest Tokyo-listed firm to deepen exposure to digital assets amid renewed institutional interest in crypto.
The company, which is listed on the Tokyo Stock Exchange’s Standard Market, disclosed Thursday that its board approved raising the cap on crypto-related investments from $6.8 million to $34 million.
It has already purchased 131,230 units of BlackRock’s iShares Bitcoin Trust (IBIT) at an average price of $49.49 per unit. With IBIT closing at $58.66 on May 9, Beat is sitting on an unrealized gain of 0ver $681,000, the company said in a statement.
To fund further purchases, Beat said it drew…
