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25 June 2024
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Japanese Firm Metaplanet Boosts Bitcoin Holdings, Stock Price Soars

Japanese Firm Metaplanet Boosts Bitcoin Holdings, Stock Price Soars

  • The firm’s choice to purchase BTC is a radical break from conventional strategies.
  • Metaplanet acquired 23.351 BTC, increasing its total holdings to 141.07 BTC worth $9.6M.

Metaplanet, a Japanese investment firm, has expanded its Bitcoin holdings by a substantial amount. This bold step demonstrates the firm’s increasing faith in Bitcoin’s value and mirrors the general trend of institutional investors pouring more money into the crypto market.

Moreover, Metaplanet, dubbed “Asia’s MicroStrategy,” had its stock price soar by double digits on Tuesday on news of yet another acquisition of Bitcoin (BTC). An announcement that sent shockwaves across the financial sector came when the company said it would be investing $1.59 million in Bitcoin.

Banking on Bitcoin

Their stock price has soared since the news broke that Metaplanet had invested in Bitcoin, which has attracted a lot of attention from investors. The firm’s choice to purchase 23.351 Bitcoin is a radical break from conventional investing strategies, given its stellar record for fiscal control.

Metaplanet acquired 23.351 Bitcoin (BTC) for over $1.59 million, increasing its total holdings to 141.07 Bitcoin ($9.6 million), with an average purchase price of $65,365 (10,278,391 Japanese yen) per Bitcoin, as detailed in a “Progress of Disclosure” notification dated June 11. This follows a May 28 announcement in which Metaplanet Inc. stated its optimistic attitude on Bitcoin (BTC) and revealed that it has increased its holdings of the cryptocurrency.

Once again, Bitcoin’s price tried to break over the $69,500 barrier level. Bitcoin’s price was unable to sustain its gains after breaking over the $70,000 barrier zone. Prior to a new drop, a peak was established at $70,142.

Prices fell below key support levels at $69,500 and $68,000. The price is now on a downward trend. At the time of writing, Bitcoin is trading at $67,366, down 2.75% in the last 24 hours as per data from CMC.

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