Metaplanet, a prominent Japanese investment firm, has made a bold move by significantly increasing its Bitcoin holdings. This decision signifies the firm’s growing confidence in the value of Bitcoin and aligns with the trend of institutional investors showing more interest in the cryptocurrency market.
Nicknamed “Asia’s MicroStrategy,” Metaplanet saw a substantial increase in its stock price on Tuesday following the announcement of its latest Bitcoin acquisition. The firm acquired 23.351 BTC, bringing its total holdings to 141.07 BTC valued at $9.6 million. This investment of $1.59 million in Bitcoin has caused ripples in the financial sector and attracted attention from investors.
The decision to purchase Bitcoin marks a departure from traditional investment strategies for Metaplanet, known for its strong financial management. The firm’s average purchase price for Bitcoin was $65,365 (10,278,391 Japanese yen) per coin, as detailed in a disclosure notification dated June 11. This move follows a previous announcement on May 28, where Metaplanet Inc. expressed optimism about Bitcoin and revealed its increased holdings of the cryptocurrency.
Despite Bitcoin’s price attempting to surpass the $69,500 mark, it struggled to maintain its gains above $70,000 before experiencing a decline. The price dropped below key support levels at $69,500 and $68,000, signaling a downward trend. As of the latest data from CMC, Bitcoin is currently trading at $67,366, reflecting a 2.75% decrease in the last 24 hours.