Metaplanet Expands Bitcoin Holdings with Additional $6.7 Million Purchase

Metaplanet Boosts Bitcoin Portfolio

Tokyo-listed investment firm Metaplanet Inc. continues to show confidence in the future of cryptocurrency, purchasing an additional 108.7 bitcoin worth approximately $6.7 million. This latest acquisition brings the firm’s total bitcoin holdings to 639.5 BTC, valued at around $40.6 million based on current market prices.

Strategic Bitcoin Acquisition

The company announced that the newly acquired bitcoin was purchased at an average price of 9.19 million yen ($61,880) per bitcoin. In comparison, Metaplanet's total holdings have been accumulated at an average price of 9.32 million yen ($62,789) per bitcoin. This steady accumulation aligns with Metaplanet’s strategic decision, made earlier this year in May, to adopt bitcoin as its treasury reserve asset.

Recent Bitcoin Purchases

This recent acquisition is part of a broader buying spree. Just last week, Metaplanet purchased 107.9 bitcoin, worth roughly $6.7 million, further solidifying its commitment to bitcoin. In addition, the firm has engaged in selling bitcoin options, generating $1.52 million in income through premiums, adding 23.97 bitcoin to its holdings.

Market Impact

Bitcoin’s price rose by 2.84% over the past 24 hours, climbing to $63,594 after dipping below $60,000 last week. This rise in the cryptocurrency’s value coincided with an 11% surge in Metaplanet's stock, which is currently trading at 1,017 yen in Japan. The Nikkei 225 index also saw an uptick, rising by 2.2%.

Competition in the Crypto Space

While Metaplanet has been making significant moves in the bitcoin market, it still trails behind major corporate holders like MicroStrategy, which holds a staggering 252,220 BTC, and Marathon Digital with 26,842 BTC.

Conclusion

Metaplanet's continuous investment in bitcoin reflects its confidence in the long-term potential of cryptocurrency. As the firm expands its holdings and engages in strategic trading activities, its stock and market position could further strengthen. This bold approach places Metaplanet among the ranks of major institutional players actively betting on bitcoin’s future.