Bitcoin
Adds 19.87 BTC to reach $7.4 million worth of crypto!
Metaplanet Inc., a Japanese powerhouse similar to MicroStrategy’s bold moves, has ventured into Bitcoin, marking it as its top choice for wealth preservation. Recently revealed, the company has acquired an additional 19.87 Bitcoins, bringing its total holdings to 117.7 Bitcoins, currently valued at around $7,396,560. This marks a significant change in investment strategy and a notable entry into the cryptocurrency market.
What are the broader implications? Let’s understand.
Jumping into Bitcoin
Metaplanet, a leading investment and advisory firm listed on the Tokyo Stock Exchange, made headlines last month by investing 1 billion yen ($6.5 million) in Bitcoin for its corporate treasury. This movement represented a substantial 30% of the company’s current market value, demonstrating Metaplanet’s serious commitment to cryptocurrencies.
Revealing the Numbers
The disclosure, made in a “Disclosure Progress” notice dated April 8, 2024, reveals Metaplanet’s acquisition of 97.8519 bitcoins, purchased at an average price of ¥10,219,524 per bitcoin. This indicates the company’s strong confidence in Bitcoin’s potential as a financial asset.
As of May 10, Metaplanet now holds 117.72 bitcoins, obtained for ¥1.2 billion at an average price of ¥10,193,536 per $BTC, with a valuation of approximately US$7,396,560 ($7.397 million) .
This move comes after MicroStrategy disclosed in its recent financial report the purchase of 25,250 Bitcoins during the first four months of 2024, bringing its total Bitcoin holdings to 214,400 BTC, representing more than 1% of all Bitcoins in existence.
A vision beyond finances
According to company representatives, this is not just a financial decision; it’s about leading the way in finance. By adopting Bitcoin, Metaplanet aims to become a pioneer in Japan’s digital financial scene and the adoption of cryptocurrencies.
With Bitcoin seen as a safe bet against inflation, more companies are considering adding cryptocurrencies to their financial plans. By investing heavily in Bitcoin, Metaplanet is spreading its investments and supporting its belief in the future of cryptocurrencies.
Such bold moves by established companies can boost confidence among investors and help the cryptocurrency market grow.
Bitcoin Price Analysis
Bitcoin is currently trading at US$62,894.89, with a 24-hour trading volume of $25,220,827,720. There are 19,696,228 BTC in circulation, out of a maximum supply of 21 million BTC. In the last 24 hours, Bitcoin recorded trading activities totaling $25.22 billion.
Is Metaplanet’s Bitcoin bet a sign of a May rally? Only time will tell, but one thing is certain: the future of finance is getting interesting.
Also check out: Bitcoin (BTC) Price Is Poised for a Recovery to New ATH; Here are the main reasons