Metaplanet, a leading player in the Japanese bitcoin market, has completed a significant transaction by acquiring 1,009 BTC worth approximately 16.48 billion yen. This purchase notably increased its reserves.
Major Bitcoin Purchase
Metaplanet reported the purchase of 1,009 bitcoins at an average price of $111,057.5 per BTC, or 16,331,984 yen. With this acquisition, the company's total holdings reached 20,000 BTC, positioning it as the sixth-largest public bitcoin treasury company.
Metaplanet's Expansion Strategy
The firm is rapidly accumulating bitcoins; just three months ago, it held 10,000 BTC. Metaplanet revised its year-end target from 10,000 BTC to 30,000 BTC, indicating strong confidence in bitcoin’s long-term potential.
Crypto Market and Investor Reactions
Despite aggressive expansion, Metaplanet's stock dropped 4.10% in Japan on Monday morning, while its U.S.-listed shares closed last Friday slightly up at $6.11. Meanwhile, bitcoin traded at $107,403, down 1.25% in the past 24 hours.
Metaplanet's rapid growth in bitcoin holdings highlights a new wave of corporate confidence in cryptocurrency, and investors are closely observing whether the company can meet its ambitious 30,000 BTC goal by year’s end.
