Metaplanet Purchases An Additional 20 Bitcoin; What’s The Plan?

Metaplanet Become Japan’s Biggest BTC Holder

On July 1, 2024, Metaplanet unveiled another move to secure the future with Bitcoin (BTC). The company bought an additional 20 BTC worth 200 Million Yen at an average buy price of 9,903,441 Yen per BTC. 

At press time BTC was trading at $63,346.43, after an intraday surge of 4.06% with a market cap of $1,249,028,198,552 and $21,214,459,294 in 24-hour volume. 

Source: X

Metaplanet announced the exciting news over X (formerly Twitter) and shared other details like total BTC holdings and amount invested. With the latest move, the company’s total BTC holdings reached 161.2677 at an average purchase price of 10,231,438 Yen per Bitcoin.  

Metaplanet’s Bitcoin Rollercoaster Ride 

Japan-based investment advisor begins its BTC buy journey somewhere in April 2024, investing $6.56 Million. Moreover, the company officially adopted the asset as a reserve asset in May.

To offer Japanese investors crypto access with a preferential tax structure and mitigate Yen exposure, Metaplanet entered the world of cryptocurrency. The company joins hands with Sora Ventures, Morgan Creek Capital's Mark Yusko, and other crypto investors to invest in BTC. 

By June end, the firm invested over  $6.56 million in BTC. Before the recent move, the company had over 141 BTC on its balance sheet and secured its standing as the biggest corporate holder of BTC in Japan.  

Furthermore, the company is all prepared to give tough competition to MicroStrategy, an American independent publicly-traded business intelligence company. The leading enterprise analytics platform owns 226,331 BTC as of June 24, 2024.

MicroStrategy began its BTC purchase journey in August 2020 and bought 21,454 BTC for $250 Million.  

Action’s Reaction to Bitcoin Price? 

Metaplanet’s plan to boost BTC holdings recorded a surge in the asset price from $61,414.94 on July 30 to $63,346.43, at the time of writing. Moreover, in the past 7 days, the price gained a spike of 1.29%.

BTC has a maximum supply of 21 Million and a circulating supply of 19,719,003 which is 93% of the maximum supply.  

Conclusion

Metaplanet's recent purchase of 20 more Bitcoin has reinforced its status as Japan's top BTC holder and spurred a notable 4.06% rise in BTC's price, showcasing the impact of corporate investment on the cryptocurrency market. The move made investment advisors one of the biggest competitors of MicroStrategy, mainly in terms of BTC holdings.      

Also read: Barstool's Dave Portnoy Eyes Major Bitcoin Buy at $40K