Japanese investment giant Metaplanet strengthened its confidence in the cryptocurrency by making a new move in the Bitcoin market. This move aligns with the general trend of more institutions turning to crypto and reveals that the company views Bitcoin as an important asset. Here are the details…
Asia’s MicroStrategy is active in the cryptocurrency space again
Metaplanet, also known as the “MicroStrategy of Asia,” announced on Monday that it has purchased Bitcoin worth 1 billion Japanese Yen (approximately $6.25 million). This acquisition was financed with funds from a recent bond sale by the company. This decision shows that Metaplanet is using Bitcoin as a tool to diversify its investments and hedge against economic uncertainties.
Metaplanet’s board of directors had previously approved a major Bitcoin purchase. With the announcement made on Monday, the information that the company would purchase approximately $6.25 million worth of Bitcoin was shared with the public. Funds from a recent bond sale will be used for the purchase. Metaplanet plans to hold the purchased Bitcoins for the long term. However, if they have to use cryptocurrencies for daily operations or other needs, they will list an equal amount of Bitcoin as current assets on their balance sheet.
Third purchase in two months
This isn’t Metaplanet’s first brush with Bitcoin. cryptokoin.com As we reported, the company has made three separate Bitcoin purchases in the last two months alone. Metaplanet’s last purchase was recorded as 23.25 Bitcoins worth approximately $1.59 million. This transaction increased their total Bitcoin holdings to 141.07 BTC. With the latest purchase on June 24, Metaplanet’s Bitcoin holdings will exceed 240 BTC, worth approximately $15 million at current market values.
By purchasing Bitcoin, Metaplanet aims to protect itself from Japan’s increasing debt problems and the weakening Yen. The Japanese government has a large amount of debt and interest rates in the country have been below zero for some time. This situation is not very encouraging for the Japanese economy. Although Metaplanet did not purchase as large amounts of Bitcoin as MicroStrategy, which currently has 226,331 BTC, the company’s decision to add Bitcoin to its financial holdings has sparked a lot of interest among investors.
Bitcoin price has declined over the past week and is currently trading at $62,633.31. Trading volume in the last 24 hours reached 14.3 billion dollars. The price has decreased by 2.83% in the last 24 hours. Recently, Bitcoin price fluctuated between $63,403.78 and $62,424.49. The total market value of Bitcoin currently stands at $1.2 trillion. Despite this decline, Metaplanet’s entry into the cryptocurrency market is seen as a smart move. By purchasing Bitcoin at lower prices, the company may have the potential to earn good returns when the market recovers.
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