Japanese investment firm Metaplanet has announced the acquisition of an additional 42.47 Bitcoin (BTC), valued at approximately $2.3 million. This move comes as part of the company’s ongoing strategy to bolster its Bitcoin holdings, mirroring the approach of MicroStrategy, a U.S.-based software developer known for its significant Bitcoin investments.
Metaplanet’s latest purchase was made at an average price of ¥9,419,300 per BTC, equivalent to about $58,490. The company’s total Bitcoin holdings now stand at 203.734 BTC, acquired at an average price of ¥10,062,517 per BTC.
Metaplanet’s Bitcoin Shift Spurs 400% Share Surge
The company’s shares have increased significantly since April, when it announced it would switch its capital to Bitcoin; they went up by over 400%. Metaplanet’s decision to make this move shows that they believe Bitcoin can help protect against inflation and make the economy more stable overall.
The decision to invest in Bitcoin is part of a larger 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.
