Hong Kong-based Metaplanet acquired 160 BTC, making it the 9th largest corporate Bitcoin holder amidst unstable market conditions.
Metaplanet Bitcoin Purchase
Metaplanet has confirmed its recent acquisition of 160 bitcoins worth approximately $13.3 million. This purchase increased its total bitcoin holdings to 4,206 BTC, valued at 1.998 trillion yen or $13.36 billion at current exchange rates.
Other Institutional Acquisitions
GameStop has also announced its intention to acquire more bitcoin, boasting $1.48 billion in cash reserves generated from the company's recent convertible notes offering. However, GameStop did not disclose the timeline for its planned purchases.
Impact of Economic Uncertainty on Bitcoin Market
Current market conditions have not inspired great confidence among investors. This is evident from the bitcoin ETF outflows which reached $218.4 million at the beginning of the month. Economic uncertainty, exacerbated by trade wars, continues to pressure the market, although short-term exchange reserves showed a slight uptick at the end of March.
If institutional demand for bitcoins continues to grow, it may have a stabilizing effect on the market, helping to mitigate fluctuations caused by economic uncertainty.
