Metaplanet Ups Its Bitcoin Ante, Buys 108 BTC More

Metaplanet has doubled down on its Bitcoin acquisition push with a new 108 BTC purchase for $6.7 million

Metaplanet, often dubbed Japan’s MicroStrategy, has expanded its Bitcoin (BTC) holdings. The Tokyo-based investment firm has announced the purchase of an additional 108.786 Bitcoin units, valued at roughly $6.7 million. 

*Metaplanet purchases additional 108.78 $BTC* pic.twitter.com/Pz2AHupm1T

— Metaplanet Inc. (@Metaplanet_JP) October 7, 2024

This move reflects the company’s ongoing strategy to shore up its Bitcoin reserve. This latest acquisition brings the company’s total Bitcoin stash to 639.5 BTC. 

The MicroStrategy Blueprint in Japan

This acquisition occurred as Bitcoin traded around $63,400, a price influenced by positive market momentum. According to CoinMarketCap data, the digital asset is trading at $63,612.17 after a 2.54% surge in the last 24 hours. 

Bitcoin’s price is steadily climbing, further deepening institutional interest. In line with these trends, market analyst Ali Martinez hinted that Bitcoin could reach $400,000 in the coming weeks. 

Metaplanet first adopted its Bitcoin strategy in May, taking inspiration from U.S. tech giant MicroStrategy. This US firm is widely known for its aggressive BTC accumulation and has the largest Bitcoin reserve globally.  

Much like MicroStrategy, Metaplanet has embraced Bitcoin as a hedge against inflation and a long-term store of value. This philosophy aligns with Japan’s recent increase in institutional interest in cryptocurrency, particularly Bitcoin.

The company’s recent partnership with SBI VC Trade, a subsidiary of the SBI Group, underscores its commitment to making Bitcoin a central piece of its strategy

Institutional Bitcoin Adoption on the Rise

Metaplanet’s bullish approach mirrors a broader trend: institutional adoption of Bitcoin is on the rise in Japan and globally. 

According to recent analysis data, businesses now hold more than 3% of Bitcoin’s total supply. This indicates that companies now view Bitcoin as more than a speculative asset; it is becoming a strategic reserve for the corporate world.

Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.