Japanese investment firm Metaplanet has made a significant Bitcoin investment by purchasing 619.7 BTC for approximately $61 million.
Expansion of Bitcoin Assets
Today, Metaplanet announced it has purchased 619.7 bitcoins at an average price of 15.3 million yen per bitcoin, totaling 9.5 billion yen ($60.6 million). With this purchase, the firm's total Bitcoin holdings have increased to 1,761.98 BTC, worth approximately $167.1 million at current market prices.
Strategic Bitcoin Reserve
Metaplanet adopted Bitcoin as a strategic treasury reserve asset in May and has been aggressively purchasing the cryptocurrency ever since. This move aligns with a wider trend of institutions embracing Bitcoin as a store of value and inflation hedge.
Stock Performance
Metaplanet shares traded on the Tokyo Stock Exchange closed down 0.98% at 3,540 yen on Monday. However, the company's stock price is up 1.982% year-to-date, reflecting investor confidence in its Bitcoin-centric strategy.
Metaplanet's ongoing Bitcoin purchasing emphasizes the growing popularity of the cryptocurrency as a store of value among global institutions.
