Metaplanet, a Japanese investment company, announced that it purchased an extra 42.47 Bitcoin (BTC) worth about $2.3 million. The company continues to expand its Bitcoin holdings, similar to the plan used by MicroStrategy, a software developer based in the United States famous for its substantial Bitcoin investments.
BREAKING:
#Metaplanet has purchased an additional 42.47 #bitcoin for ¥400 million at an average price of ¥9,419,300 per $BTC
You sell your BTC, someone will buy it back! pic.twitter.com/Kec9EkVNos
— CryptoBusy (@CryptoBusy) July 8, 2024
Metaplanet just bought something at an average price of ¥9,419,300 per BTC, which is about $58,490. The company now has 203.734 BTC in Bitcoin, which it bought at an average price of ¥10,062,517 per BTC.
Metaplanet’s Bitcoin Shift Spurs 400% Share Surge
Shares of the company have surged significantly since April when it said it would move its cash to Bitcoin. They’ve gone up by over 400%. Metaplanet’s actions show that it thinks Bitcoin can help keep the economy stable and protect against inflation.
The decision to invest in Bitcoin is a more significant trend among institutions that want to use cryptocurrencies, especially Bitcoin, as a safety net against economic instability. Japan’s historically low interest rates have adversely affected the Japanese yen, which has led companies like Metaplanet to seek alternative investment strategies.
A Twitter user named CryptoBusy quickly responded to the news by writing, “You sell your BTC, someone will buy it back!” This feeling shows that institutional buyers are becoming more open to and comfortable with Bitcoin.
Metaplanet announced earlier in June that it would sell ¥1 billion ($6.26 million) in bonds to raise funds to buy more Bitcoin. This new purchase follows that announcement. MicroStrategy has been slowly building up its reserves since 2020, and the company is aggressively similarly buying Bitcoin.
