Japanese investment firm Metaplanet Inc. announced today that it has purchased an additional 107 Bitcoins worth approximately 1 billion yen ($6.9 million), underscoring the company’s bullish stance on the world’s leading cryptocurrency.
Purchase Details
The firm, which is listed on the Tokyo Stock Exchange, announced that it made the purchase at an average price of 9.26 million yen ($64,168) per Bitcoin. This acquisition brings Metaplanet’s total Bitcoin holdings to 506 BTC, worth around $32.2 million at current prices. According to its latest statement, Metaplanet has invested a total of 4.75 billion yen in Bitcoin at an average price of 9.37 million yen ($64,931) per Bitcoin.
Market Reaction
At the time of the announcement, Bitcoin's price was trading around $62,800, down 1.27% in the past 24 hours after rising above $66,000 last week. Metaplanet's shares responded positively to the news, rising 4.24% on Tuesday and trading around 1,033 yen in the afternoon session on the Tokyo Stock Exchange. The broader Nikkei 225 index also gained, rising 1.91%.
Global Context
The firm has been actively increasing its bitcoin holdings since May, when it announced it was adopting bitcoin as a strategic treasury reserve asset. The move reflects a growing trend among companies holding significant amounts of bitcoin on their balance sheets. Globally, MicroStrategy led by Michael Saylor remains the largest institutional Bitcoin holder with 252,220 BTC, followed by Marathon Digital with 26,200 BTC, according to BitcoinTreasuries data.
This purchase reflects the growing investment sentiment towards Bitcoin among major companies worldwide.
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