Investment firm Metaplanet announced the acquisition of 463 Bitcoin for 8 billion yen, making it the first public company to take advantage of the recent price drop.
Metaplanet's Bitcoin Purchase
Metaplanet purchased 463 Bitcoin for 8 billion Japanese yen (approximately $53.7 million) at an average price of $115,895 per Bitcoin. This acquisition raises the company's total Bitcoin assets to 17,595, valued at over $2 billion.
Company Goals and Strategy
The firm's recent purchase indicates a strong intent to keep accumulating Bitcoin despite ongoing macroeconomic challenges. Led by Simon Gerovich, Metaplanet has reached 8.4% of its target of acquiring 210,000 Bitcoin by the end of 2027.
Rising Interest in Bitcoin Among Public Companies
In the last week of July, 16 firms collectively added more than $7.8 billion in crypto to their treasuries, reflecting a growing trend of public companies including Bitcoin in their financials.
Metaplanet continues to follow its strategy of Bitcoin accumulation, highlighting the increasing interest from public companies in the cryptocurrency amidst market instability.
