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Metaplanet Adds ¥200M in Bitcoin Holdings

 
Harsh Chauhan
Written By 
Harsh Chauhan
July 22, 2024
Metaplanet Boosts Bitcoin Stash with Another ¥200M Buy

Metaplanet Inc., a Japanese public company, today announced its fourth purchase of Bitcoin for FYE September ¥200 million (approx. $1.2 Million). This acquisition is consistent with their broader cryptocurrency investment strategy and increases the company’s total Bitcoin position to 245.992 BTC. Today’s buy was at an average price of ¥9,813,061 per Anonymous (20.381 BTC added to mkt). After this significant purchase, Metaplanet has a combined investment of $24.5 billion in the asset class and holds Bitcoin at an average price of ¥9,959,687 per BTC.

Simon Gerovich, a representative for Metaplanet, emphasized how this assertive move ties directly into the company’s broader focus of taking advantage of digital assets well down the line. As cryptocurrencies are moving toward their historical price peaks, today marks the second time the firm revealed a substantial Bitcoin purchase after it disclosed on July 16 the announcement that on June 24, the firm had spent ¥1 billion to snatch up 104.919 Bitcoins at an average price per Bitcoin of ¥9,531,162.

The market has reacted favorably to this announcement, with Metaplanet’s stock price increasing by 22% on July 16, 2024, following its release during morning trade on the Tokyo Stock Exchange. As cryptocurrency matures and regulatory scrutiny rises, this is another sign of respect from conventional industry giants. Other businesses recognize that digital currencies do much more with their reserves.

Bitcoin Prices To Rally Up?

The virality of this aggressive accumulation policy caused netizens to refer to Metaplanet as “Asia’s MicroStrategy.” This is a powerful and confident move from the firm that adopted a money-push strategy when entering the world of digital currencies.

In this way, Metaplanet consolidates an image-boosting, future-oriented attitude. This label further demonstrates Metaplanet’s daring entry into the crypto sphere, aligning with its innovative reputation. Given that Bitcoin is currently trading at $67,751.24 with a surge in volume of 60.53% thanks to acquisitions by Metaplanet, will the price of BTC hit as high as $80000 soon?

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Harsh Chauhan
Written by Harsh Chauhan

Harsh Chauhan is an experienced crypto journalist and editor at CryptoNewsZ. He was formerly an editor at various industries, including his tenure at TheCryptoTimes, and has written extensively about Crypto, Blockchain, Web3, NFT, and AI. Harsh holds a Bachelor of Business Administration degree with a focus on Marketing and a certification from the Blockchain Foundation Program. Through his writings, he holds the pulse of the rapidly evolving crypto landscape, delivering timely updates and thought-provoking analysis. His commitment to providing value to readers is evident in every piece of content produced. With a deep understanding of market trends and emerging technologies, he strives to bridge the gap between complex blockchain concepts and mainstream audiences.