In recent weeks, companies traded on Japanese stock exchanges have been rapidly increasing their Bitcoin reserves. Participating in this trend, Metaplanet is displaying an aggressive accumulation strategy by purchasing 42.47 Bitcoins despite the decline in Bitcoin price today. This move underscores the company’s belief in Bitcoin and its long-term plans for the cryptocurrency market.
Metaplanet bought cryptocurrency again
Companies traded on Japanese stock exchanges continue to increase their Bitcoin holdings every week. Taking advantage of the drop in Bitcoin price, Metaplanet purchased 42.47 Bitcoins for 400 million yen (approximately $2.42 million USD) despite the BTC price falling below $54,500 earlier today. Japanese company Metaplanet attracts attention by adopting a Bitcoin accumulation strategy. Because of this move, it is also known as Japan’s MicroStrategy.
Metaplanet is expanding its Bitcoin investment strategy by opening a new subsidiary in the British Virgin Islands, with the aim of increasing its Bitcoin reserves and strengthening its position in the cryptocurrency market as part of its long-term financial strategy. Metaplanet, which has been continuously accumulating Bitcoin for more than a month, holds a total of 203,734 Bitcoins with an investment worth 2.05 billion yen. Metaplanet’s market capitalization currently hovers around JPY 14.5 billion, while Bitcoin assets on its balance sheet amount to JPY 2 billion.
The proportion of Bitcoin in Metaplanet’s total assets is constantly rising, and some market analysts expect this proportion to exceed 100% in the near future. The name behind these bold steps is Dylan LeClair, Metaplanet’s Director of Bitcoin Strategy. “Japan’s positive environment for Bitcoin adoption presents a unique opportunity for corporate strategy and growth,” LeClair said in one of his recent podcasts. Additionally, LeClair is also gaining popularity as “Metaplanet’s Michael Saylor.”
All eyes are on the stock price
Metaplanet’s stock price has recorded significant gains since adopting a Bitcoin strategy. After volatility earlier today, Bitcoin gained 2.5% in the afternoon trading session in Japan following news of the acquisition. Since the beginning of 2024, Metaplanet stock has gained 382%, fueled in large part by the company’s Bitcoin adoption strategy.
As we reported as Kriptokoin.com, Metaplanet stock price rose up to 107 JPY last month. It is a matter of curiosity whether this rally will continue. Bitcoin price lost another 5.8% in the last 24 hours and fell to a daily low of $54,420. However, today, after Metaplanet’s BTC purchase, it partially recovered and rose to $ 55,500.
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