This Japanese company is taking advantage of the fall to buy more Bitcoin – DiarioBitcoin
By Hannah Perez
Japanese stock exchange-listed Metaplanet announced a new $2.5 million Bitcoin purchase that brought its holdings to 203 BTC. It bought amid lower prices.
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- Tokyo-based Metaplanet announced a new bitcoin purchase
- He spent $2.5 million to buy more bitcoins amid falling prices
- The company currently accumulates more than 200 BTC
The fall in price of Bitcoin does not persuade some institutions to add more bitcoins to their corporate balance sheets. On the contrary.
Metaplaneta Japan-based investment company, has just announced a new purchase of bitcoins amid a sharp price correction that has seen the largest cryptocurrency by market cap hit five-month lows.
In a statement shared on X (previously Twitter), the Tokyo-based company reported that it purchased 42,466 bitcoins for 400 million Japanese yen or about USD $2.5 million.
*Metaplanet purchases additional 42.47 $BTC* pic.twitter.com/dPotWszW1Y
— Metaplanet Inc. (@Metaplanet_JP) July 8, 2024
At the beginning of the month, the company, which has been named the “MicroStrategy Asian”, announced an investment in Bitcoin for around USD $1.2 million. Metaplanet began to acquire bitcoins in April as part of a strategy to adopt the world’s largest and oldest cryptocurrency as a major component of its treasury assets.
Since then, it has made four investments, including the most recent one, which has brought the company’s total holdings to $203.73 billion. bitcoins (BTC), currently valued at around USD $11.8 billion. The company detailed that it has purchased the coins at an average price of around 10 million yen (USD $62,000) per Bitcoin.
Metaplanet has assured that the purchase of Bitcoin helps minimize exposure to a weakening Japanese currency, and its strategy is backed by prominent industry figures such as the founder of Morgan Creek CapitalMark Yusko, the founder of OrdiswapJack Liu, as well as companies Sora Ventures and UTXO Management.
The investment strategy in Bitcoin of Metaplanetwhich trades its shares on the Tokyo Stock Exchange, echoes MicroStrategyMichael Saylor’s enterprise software company that is known for its aggressive build of Bitcoin.
MicroStrategy has been buying bitcoins since 2020 in an effort to move away from fiat cash reserves, and currently ranks as the largest corporate whale with a stash of over 210,000 BTC. Others have followed suit, such as healthcare company, Semler Scientificwhich recently purchased Bitcoin.
The Japanese company’s latest purchase comes amid a sharp price pullback for Bitcoinwhich touched a level below $55,000 over the weekend amid a weekly loss of 10%. At the time of writing, BTC has recovered slightly and is hovering around $57,000.
Article by Hannah Estefanía Pérez / Bitcoin Diary
Picture of Unsplash
WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be appropriate for retail investors, as the total amount invested could be lost. Check the laws of your country before investing.
