Japanese Firm Bolsters Bitcoin Holdings Amid Market Shifts
Often called the Asian version of MicroStrategy, Metaplanet has recently become more bullish about Bitcoin.
The company’s decision to buy $1.59 million worth of the digital currency has attracted many investors and sent its stock soaring.
In a filing dated June 11th, 2024 with the United States Securities and Exchange Commission (SEC), Metaplanet purchased 23.351 BTC at an average price of $65,365 per coin meaning that now they hold $9.6 million in BTC.
This move comes following another announcement made on May 28th where the company said they were doubling down on their bet for Bitcoin.
READ MORE: Bitcoin as the Cure for Monetary Debasement, Claims Abra CEO
By making Bitcoin a major part of its reserves strategy, Metaplanet wants to stand out among other financial technology (fintech) companies in Japan and make itself a leader in the adoption of cryptocurrencies.
Despite current market conditions which saw prices fall below $68k per 1BTC, this bold step by Metaplanet may take advantage of price swings so as to yield high profits over time.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
