Metaplanet, Japan's leading Bitcoin treasury firm, has made a significant purchase in the cryptocurrency market, enhancing its standing.
Bitcoin Purchase Worth $112 Million
On September 1, Metaplanet announced that it had acquired 1,009 BTC for 16.48 billion yen, approximately $112 million. This purchase has placed the company as the sixth largest public entity holding Bitcoin.
Company's Growth Strategy for Bitcoin Reserves
Metaplanet now holds a total of 20,000 BTC, acquired at an average price of around $111,068 each. The achievement reflects the rapid growth of the company's reserves, which were at 10,000 BTC less than three months prior. Earlier this year, Metaplanet raised its year-end target to 30,000 BTC.
Market Reaction to Metaplanet's Actions
Despite these bold moves, Metaplanet's shares on the Tokyo Stock Exchange fell by 2.62% on Monday morning. Meanwhile, Bitcoin's price has significantly dropped since its all-time high in July, trading at $108,776 at the time of writing.
Metaplanet demonstrates its ambitions to actively grow its Bitcoin reserves despite current market fluctuations, positioning itself as a key player in corporate Bitcoin adoption in Asia.
