Metaplanet Inc. Continues Bitcoin Acquisition Streak
Japanese listed company Metaplanet Inc. recently announced its fourth purchase of Bitcoin in fiscal year 9, totaling 200 million yen (about US$1.2 million). This move aligns with their overall cryptocurrency investment strategy, boosting their Bitcoin holdings to 245.992 BTC. The average purchase price for this acquisition was 9,813,061 yen per Bitcoin, bringing their total investment in Bitcoin to $24.5 billion with an average price of 9,959,687 yen per BTC.
Company Strategy and Market Response
Metaplanet’s representative, Simon Gerovich, highlighted how this purchase is in line with the company’s focus on digital assets. The news of this acquisition comes at a time when cryptocurrency prices are on the rise, marking the second significant Bitcoin purchase disclosure by the company. Following this announcement, Metaplanet’s shares surged by 22% on July 16, 2024, demonstrating a positive market response.
Implications and Future Outlook
The aggressive accumulation of Bitcoin by Metaplanet has led to comparisons with “Asia’s MicroStrategy,” showcasing the company’s commitment to a fund-driven strategy in the digital currency space. This move not only enhances the company’s image but also aligns with its innovative reputation. With Bitcoin currently trading at $67,751.24 and experiencing a significant surge in trading volume due to Metaplanet’s acquisitions, the question arises: will Bitcoin reach new highs of $80,000 in the near future?
