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Metaplanet boosts Bitcoin holdings with $6.9M purchase

Metaplanet boosts Bitcoin holdings with $6.9M purchase

GrafaGrafa2024/10/02 07:15
By:Mahathir Bayena

Tokyo-listed investment firm Metaplanet Inc. has announced a new purchase of 107.913 Bitcoin (CRYPTO:BTC), valued at approximately 1 billion yen ($6.9 million).

This acquisition is part of the company’s long-term strategy to increase its digital asset holdings, reinforcing its bullish stance on cryptocurrency.

In September, Metaplanet revealed plans to expand its Bitcoin investments, and with this recent purchase, the firm now holds 506.745 BTC, valued at $32.2 million.

The company acquired Bitcoin at an average price of $64,168 per BTC, demonstrating confidence in the asset despite recent market fluctuations.

Metaplanet views Bitcoin as a hedge against economic uncertainty and inflation, a sentiment that has driven its investments since May.

Over that period, the firm has spent 4.75 billion yen on Bitcoin, paying an average of $64,931 per coin.

The latest acquisition came after Bitcoin saw a 1.27% drop in the last 24 hours, trading around $63,661.

Despite the dip, Bitcoin’s resilience was evident as its price recently reached $66,000 before the fluctuation.

Metaplanet’s growing Bitcoin portfolio, though significant, remains smaller than holdings by corporate giants like MicroStrategy, which owns 252,220 BTC, making it the largest corporate Bitcoin holder.

Marathon Digital, a prominent Bitcoin mining firm, holds 26,200 BTC.

Following the announcement of the Bitcoin purchase, Metaplanet’s stock rose by 4.24%, with shares trading at 1,033 yen.

Japan’s broader market also saw positive movement, with the Nikkei 225 index climbing 1.91%.

The firm’s recent $67.5 million stock rights offering is believed to have contributed to the stock’s rise, alongside its increased Bitcoin holdings.Tokyo-listed investment firm Metaplanet Inc. has announced a new purchase of 107.913 Bitcoin (BTC), valued at approximately 1 billion yen ($6.9 million).

This acquisition is part of the company’s long-term strategy to increase its digital asset holdings, reinforcing its bullish stance on cryptocurrency.

In September, Metaplanet revealed plans to expand its Bitcoin investments, and with this recent purchase, the firm now holds 506.745 BTC, valued at $32.2 million.

The company acquired Bitcoin at an average price of $64,168 per BTC, demonstrating confidence in the asset despite recent market fluctuations.

Metaplanet views Bitcoin as a hedge against economic uncertainty and inflation, a sentiment that has driven its investments since May.

Over that period, the firm has spent 4.75 billion yen on Bitcoin, paying an average of $64,931 per coin.

The latest acquisition came after Bitcoin saw a 1.27% drop in the last 24 hours, trading around $63,661.

Despite the dip, Bitcoin’s resilience was evident as its price recently reached $66,000 before the fluctuation.

Metaplanet’s growing Bitcoin portfolio, though significant, remains smaller than holdings by corporate giants like MicroStrategy, which owns 252,220 BTC, making it the largest corporate Bitcoin holder.

Marathon Digital, a prominent Bitcoin mining firm, holds 26,200 BTC.

Following the announcement of the Bitcoin purchase, Metaplanet’s stock rose by 4.24%, with shares trading at 1,033 yen.

Japan’s broader market also saw positive movement, with the Nikkei 225 index climbing 1.91%.

The firm’s recent $67.5 million stock rights offering is believed to have contributed to the stock’s rise, alongside its increased Bitcoin holdings.

At the time of reporting, the Bitcoin price was $61,528.40.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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