Metaplanet Buys Another $2M of Bitcoin

Metaplanet Inc., a Tokyo Stock Exchange (TSE) listed company, has officially announced the acquisition of additional Bitcoin (BTC) assets worth $2 million. According to an X post on Sept. 10, the tech behemoth has increased its holdings of the leading cryptocurrency with a fresh purchase totaling ¥300 million. This new purchase reflects the firm’s growing interest in digital currencies as part of its financial strategy.

*Metaplanet purchases additional 38.46 $BTC* pic.twitter.com/vdnRt8O07c

— Metaplanet Inc. (@Metaplanet_JP) September 10, 2024

Metaplanet Inc. Acquires Additional Bitcoins

According to Metaplanet, it acquired 38.464 BTC at an average of ¥7,799,501. With this latest investment, the company’s total holdings now stand at 398.832 BTC, demonstrating its sustained dedication to being part of the expanding digital asset market.

With the recent acquisition, the firm has now bought ¥3.75 billion worth of Bitcoin at an average acquisition price of ¥9,402,463 per BTC. The move reiterates the firm’s belief in the flagship digital asset despite its volatile market and the constantly changing regulatory landscape for this industry.

Bullish Stance on Bitcoin?

Furthermore, the Japanese firm’s BTC acquisition spree mirrors that of the US-based MicroStrategy, which boasts over $14 billion worth of BTC reserves. In addition, the company’s position on cryptocurrency investments is part of its long-term diversification strategy, which focuses on accumulating high-worth crypto coins.

Considering the crypto’s recent asset price swings, Metaplanet’s newest acquisition suggests the firm’s continued faith in Bitcoin’s potential as a haven investment over the long term. Moreover, the company’s large Bitcoin holdings will likely appeal to a wider range of tech-savvy investors.

Metaplanet’s ongoing investment highlights the increasing institutional interest in cryptocurrencies. Even though several mainstream firms like Metaplanet and MicroStrategy are confident of the Bitcoin market’s potential for long-term growth, others are still cautious and have been reluctant to invest in it.

According to Coingecko data, BTC currently trades at $ 56,683 and has been down 2% in the last seven days.