.png)
Tokyo-listed investment firm Metaplanet Inc. has once again expanded its Bitcoin (BTC) holdings with an additional purchase of 107.913 BTC worth around 1 billion yen ($6.9 million).
This move signals Metaplanet’s continued confidence in Bitcoin as a long-term investment asset.
With this latest acquisition, the company's total holdings have reached 506.745 BTC, now valued at approximately $32.2 million at the current market price.
The purchase comes as part of Metaplanet’s strategy to utilize Bitcoin as a treasury reserve asset, a move that has been gaining traction among various institutions globally.
Despite the purchase, Bitcoin's price showed little immediate impact, continuing to trade within the $64,000 range. At the time of reporting, BTC is priced at $64,027, down by 0.4% in the last 24 hours.
Metaplanet's approach to Bitcoin investment has been quite incremental, with consistent purchases over recent months following their May announcement that the firm would be using Bitcoin as a treasury reserve asset.
The company's total Bitcoin holdings, currently standing at over 506 BTC, were acquired at an average purchase price of 9.37 million yen ($64,931) per Bitcoin, amounting to an investment of 4.75 billion yen in total.
The recent addition of 107.913 BTC was acquired at an average price of 9.26 million yen ($64,168) per Bitcoin, slightly below the average of previous acquisitions.
While this indicates a strategic buy to capitalize on potential dips in Bitcoin's price, the market response to the purchase was relatively muted, with no significant changes in Bitcoin’s price or trading volume immediately following the announcement.
The decision by Metaplanet aligns with a growing trend among corporations that are diversifying their assets into cryptocurrencies as a hedge against market volatility and inflation.
Interestingly, while Bitcoin’s price remained relatively stable, Metaplanet’s own stock (3350) saw a positive reaction in the wake of the purchase.
The stock increased by 1.72% over the past day, now trading at around 1,008 yen (JPY) according to data from TradingView. This suggests that investors are responding positively to the firm’s strategy of increasing its Bitcoin exposure, potentially seeing it as a strong position for long-term growth.
