Japanese investment firm Metaplanet recently announced the acquisition of 156 BTC, taking advantage of the market dip between Feb. 18 and Feb. 28.
Best Window to Buy Bitcoin
Metaplanet chose a strategic period to make its latest Bitcoin purchase. During this time, Bitcoin dropped to its lowest level in months, reaching 78,942 yen on February 28. According to the firm, the 156 Bitcoin units were bought at an average price of 12,952,147 yen per Bitcoin, equivalent to approximately $86,779.38 at the current exchange rate.
Metaplanet Strategy
The latest purchase places Metaplanet back on the list of top corporate Bitcoin buyers. As of now, it boasts a total stash of 2,391 BTC, worth approximately $199.8 million.
Methods of Buying Bitcoin
Buying the Bitcoin dip is a well-established strategy. Earlier reports indicated that Saylor's Strategy acquired over $2 billion worth of Bitcoin following a successful debt issuance.
Thus, Metaplanet's strategy of purchasing Bitcoin during market dips has proven effective, significantly increasing the company's cryptocurrency reserve.
