- Japan-based investment firm Metaplanet is expanding its Bitcoin holdings with a $3.4 Million BTC acquisition.
- Meta Planet has indicated a preference for digital currencies over local alternatives.
As global interest in Bitcoin continues to rise, more investors are eagerly snapping up the crypto giant. From MicroStrategy to BlackRock, institutional portfolios are expanding by the day as more traditional financial giants seek to embrace the decentralized, control-free investment vehicles.
In the latest, Japanese investment firm Metaplanet has made another multi-million dollar purchase of Bitcoin.
Metaplanet’s Latest Bitcoin Purchase
Building on the momentum of its Bitcoin acquisition strategy, Metaplanet has announced the purchase of an additional 57.27 bitcoins.
*Metaplanet purchases additional 57.27 $BTC* pic.twitter.com/jvk3heTCOA
— Metaplanet Inc. (@Metaplanet_JP) August 20, 2024
Valued at approximately $3.4 million (500 million yen), the transaction follows a previous buy of 57.10 BTC by the firm on August 13th, also valued around the same amount.
With this latest acquisition, Metaplanet’s total Bitcoin holdings have reached 360.368 BTC. This increases the firm’s portfolio value to $24.15 million (3.45 billion yen), with each BTC valued at approximately $64,000.
Metaplanet’s streak of Bitcoin purchases continues to build on its recently established strategy to create an extensive portfolio.
Why Metaplanet Keeps Buying BTC
In April 2024, the Japanese investment firm unveiled its bold plan to commit to a Bitcoin treasury scheme, in an effort to lead the digital finance era within Japan.
Metaplanet’s strategy involves a “Bitcoin First, Bitcoin Only” approach, as the firm seeks to accumulate more of the digital asset rather than holding value in yen, which it views as inherently weak.
“Metaplanet views bitcoin as fundamentally superior to any and all other forms of political currency, traditional stores of value and investment, and all other crypto-assets/securities. Bitcoin is an absolutely scarce digital synthetic monetary commodity, with no central issuer,” the firm stated.
Since unveiling its vision, Metaplanet has consistently increased its holdings, engaging in significant purchases, fundraisers, and loan acquisitions to support the strategy.
Metaplanet’s stock price rose 14% upon the announcement of its latest purchase.
However, with a total of 226,500 BTC in its portfolio, MicroStrategy is the largest publicly traded holder of Bitcoin (BTC).
The continuous acquisition of Bitcoin by Metaplanet reflects its commitment to joining the growing trend of Bitcoin-focused institutions. This underscores the increasing demand for the asset and its rising importance in institutional investment strategies.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.