Japan’s Metaplanet Increases Bitcoin Holdings By $2 Million, Here’s How Much BTC It Owns Now
11 September 2024 - 8:30AM
NEWSBTC
Japanese early-stage investment company Metaplanet purchased an
additional $2 million worth of Bitcoin today, reaffirming the
firm’s trust in the leading digital asset. ‘Japanese MicroStrategy’
Bolsters Its Bitcoin Reserves In an announcement on September 10,
2024, Metaplanet said it had increased its cryptocurrency holdings
by 38.464 BTC, bought for approximately 300 million yen ($2
million). The latest purchase brings Metaplanet’s total holdings to
398.832, with a total aggregate cost of 3.75 billion yen ($26
million), averaging slightly above $65,700 per BTC. Related
Reading: Research Firm Predicts Bitcoin Game Theory In Global
Adoption Race Bitcoin price is up 3.4% in the past 24 hours,
trading at $57,159 at press time. Notably, the US Federal Reserve
is expected to embark on its rate-cut cycle next week, with many
expecting the injection of liquidity into the economy to benefit
risk-on assets such as Bitcoin. According to data from Google
Finance, Tokyo-listed Metaplanet’s stock was exchanging hands at
1101 yen ($7.7), surging by 5.87% in today’s trading session. On
the contrary, the Nikkei 225 index dipped slightly by 0.16%.
Yesterday, Metaplanet disclosed that its management will exercise
the 11th series of stock acquisition rights. The total proceeds
from exercise warrants are expected to be around 299.7 million yen
($2.10 million). The company noted that these proceeds will be used
to purchase more BTC. Close followers of the crypto industry would
remember that it was back in May 2024 when Metaplanet first made
public its plans to embrace BTC as its strategic treasury reserve
asset. At the time, the company emphasized its new “Bitcoin-first,
Bitcoin-only approach,” akin to the strategy adopted by
MicroStrategy. In July 2024, Metaplanet increased its BTC holdings
by 20.195, purchased at about $1.2 million according to prevailing
market prices. Over the past few months, a series of Bitcoin
purchases has brought Metaplanet’s total holdings to almost 400
BTC. Following In The Footsteps Of MicroStrategy Metaplanet’s
decision to adopt Bitcoin as a strategic reserve asset isn’t a new
practice among publicly listed companies. US-based MicroStrategy
has championed Bitcoin’s reliability unlike any other institution.
Related Reading: MicroStrategy’s Michael Saylor Calls Bitcoin An
Institutional-Grade Asset Destined For $1 Million On August 8,
2024, MicroStrategy’s Michael Saylor revealed that he owns more
than $1 billion worth of Bitcoin and has no plans to sell it
anytime soon. According to the current market price, this is
not to be confused with MicroStrategy’s own Bitcoin holdings
of 226,500 BTC worth almost $13 billion. Most recently, Saylor
predicted that Bitcoin price could soar as high as $13 million per
BTC by 2045. Given the reasoning behind this ambitious price
target, Saylor said that currently, BTC only represents about 0.1%
of the global capital. Once this proportion rises to 7%, BTC could
be worth $13 million per unit. That being said, it’s probably
wise not to think too far ahead and consider some of the immediate
challenges that Bitcoin might face. For instance, all eyes will be
on the US Federal Reserve next week as there are fears that
slashing the interest rates by too much, too quickly, might
adversely affect BTC prices. Cover image from Unsplash, chart from
Tradingview
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024