The Japanese investment firm Metaplanet has bought 107.913 more Bitcoin, which has helped the company boost its BTC stash. This takeover for ¥1 billion ($6.9 million) is a manifestation of the firm’s increasing interest in digital resources. It bought Bitcoin at a mean of ¥9.26 million ($64,168) per BTC.
The latest investment has increased Metaplanet’s total BTC holdings to 506.745 Bitcoins, equivalent to $32.2 million at current rates.
This purchase is consistent with Metaplanet’s plan to increase its holdings in other types of digital assets. Given that Bitcoin has remained on an upward trend. The total Bitcoin investment reached ¥4.75 billion, at an average price per Bitcoin of ¥9370000 or $64,931.
An over 4% jump put the stock’s value at 1,049 yen on the news of the buyout to transform the group into Metaplanet.
However, the stock price has been readjusted and currently stands at 1,008 yen. Nonetheless, the firm remains bullish on its Bitcoin investment. Since such risks are inevitable no matter the investment approach it will adopt in the long run.
In August, it received ¥1 billion credit facility from shareholder MMXX Ventures for its latest BTC purchase.
The loan, which costs 0.1% per annum, can only be used to purchase Bitcoins. This shift is similar to what MicroStrategy, an American company, has been doing for the last four years—purchasing Bitcoin.
By securing the loan, Metaplanet plans to consolidate its position in the cryptocurrency market before the onset of a bull run.
The company has chosen to keep BTC as a reserve currency. As more institutional investors look for ways to mitigate the risks of currency fluctuations. Metaplanet’s move is a bullish sign for the future of BTC.
Looking at Metaplanet’s recent activities, the firm is brought to the market players list, where it joined other giants like MicroStrategy and Marathon Digital in investing in BTC. This is evident from the selection of Bitcoin as a hedge to the yen, indicating a change in approach that’s digital assets-focused.
Bitcoin Yearly Gain Hits 51% Amid Rally
The cryptocurrency market has depicted a positive trend, and Bitcoin increased by nearly 10% in September. Even though it has pulled back slightly in the last 24 hours, BTC has been 51% higher yearly. However, its 24-hour trading volume also rose to 51.72%, asserting that market activity was high.
The overall market mood remains positive as BTC is on the eve of the fourth quarter, which is usually favorable for digital assets.
Economists have linked this optimism to helpful macroeconomic fundamentals such as improved money supply and, perhaps, future rate cuts by the Federal Reserve. However, if these conditions are sustained, Bitcoin could trade to new records well and past the $70,000 level.
