Japan-based company Metaplanet has continued to expand its Bitcoin holdings, purchasing 696 BTC for 10.152 billion yen ($67 million), according to an April 1 announcement.
Bitcoin Portfolio Expansion
This investment brings Metaplanet's total Bitcoin holdings to 4,046 BTC, valued at over $341 million at the time of writing.
Company's Investor Accessibility Goals
The acquisition follows Metaplanet's 10-to-1 reverse stock split aimed at improving liquidity and expanding its investor base. The company had previously reported a significant rise in its share price, creating a barrier for retail investors. The reverse stock split completed on March 28.
Cryptocurrency Market Trends
Metaplanet's purchase during a market dip coincides with institutional buying activity, exemplified by Strategy's recent acquisition of 22,048 BTC. Despite global market uncertainties, major investors continue to show confidence in Bitcoin.
Metaplanet aims to lead Bitcoin adoption in Japan by significantly increasing its Bitcoin assets by 2026. The company's current strategy highlights its confidence in the long-term potential of cryptocurrencies.
