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Metaplanet Acquires Another $6.7M Worth of BTC in a Week

Metaplanet’s latest big buy comes less than a week after acquiring nearly the same BTC quantity.

Avatar image of Mishael Nwani Mishael Nwani•October 11, 2024
Bitcoin

Japanese investment company Metaplanet has boosted its BTC holding to 748.502 BTC (worth over $45.5 million) with its latest bitcoin acquisition of 108.999 BTC (worth over $6.7 million). The firm’s latest purchase comes only four days after it bought a similar quantity of the leading crypto asset. This would be the company’s third publicly disclosed BTC purchase this month.

Why is Metaplanet Buying BTC?

Over the past six months, the publicly traded firm has maintained its commitment to acquire bitcoin, a practice gradually becoming common among global investment companies. Metaplanet embraced BTC as a reserve asset as a hedge against the growing economic pressures on the Japanese yen.

Metaplanet’s long-term bet on BTC cements its third-leading position among Asian public companies acquiring the leading cryptocurrency, trailing the gaming platform Nexon and software company Meitu.

Interestingly, Metaplanet approaches bitcoin acquisition in the same fashion as the business intelligence firm MicroStrategy, which frequently acquires bitcoin and even uses loans at some point. MicroStrategy is currently the largest corporate BTC holder, with 252,220 BTC.

It appears that Metaplanet is capitalizing on BTC’s current low price. The company’s latest acquisition, nearly 109 BTC, was bought for an average price of $61,683 per BTC. Adhering to its frequent BTC acquisition spree, it may likely increase its Bitcoin portfolio by buying bitcoin while it lingers below $65,000.

Meanwhile, Metaplanet’s stock price saw a mild 0.53% increase after disclosure of the BTC acquisition to ¥955.

BTC Struggles Below $65K

The last time BTC touched the price mark of $70,000 was in June. Since then, the leading cryptocurrency has lingered below $65,000. Earlier this week, the asset sold at $64,000 before dropping to $59,200 in three days.

At the time of writing, BTC sold at $60,800. Despite the asset’s current price performance, some analysts believe a bull run is imminent.

Mishael Nwani

Mishael Nwani is an avid crypto enthusiast with nearly four years of experience in the industry. Since 2022, he has covered topics across cryptocurrencies, NFTs, artificial intelligence, and financial markets.