- Japanese firm Metaplanet Inc continues to follow in the footsteps of MicroStrategy, acquiring another tranche of Bitcoin (BTC).
- The firm’s total Bitcoin holdings now stand at 117.7217 BTC, valued at approximately $7,708,020.
- Despite the recent slump in BTC prices, bullish optimism is returning to the market with Metaplanet’s continued investment.
Metaplanet Inc, a Japanese firm, is making waves in the crypto market with its latest Bitcoin acquisition. The firm’s strategy, mirroring that of MicroStrategy, signals a bullish outlook for Bitcoin.
Metaplanet Inc Acquires More Bitcoin
Metaplanet Inc, a publicly traded Japanese firm, has acquired another tranche of Bitcoin (BTC). The purchase, made on April 23, is valued at an aggregate amount of 200 million yen ($1.2 million). This acquisition brings the firm’s total Bitcoin holdings to 117.7217 BTC, worth 10,193,536 yen per BTC. This Bitcoin bag is worth 1.2 billion yen, or $7,708,020.
Following MicroStrategy’s Footsteps
Metaplanet’s Bitcoin acquisition strategy mirrors that of MicroStrategy, a US-based firm known for its aggressive Bitcoin investments. Under the leadership of Chairman Michael Saylor, MicroStrategy has regularly acquired Bitcoin, with its last purchase in March amounting to 12,000 BTC for $821.7 million. The firm now holds a total of 214,246 tokens valued at around $14 billion. MicroStrategy’s unrealized gain on its Bitcoin bet now comes in at $6.2 billion.
Market Reaction to Metaplanet’s Bitcoin Acquisition
Since Metaplanet joined the Bitcoin bandwagon, the price of BTC has generally slumped amid erratic sell-offs. However, with new mainstream firms reporting Bitcoin bets, bullish optimism has largely returned to the market. At the time of writing, the coin is seeing a mild recovery, up 3.14% in 24 hours to $62,907.50.
Conclusion
With Metaplanet borrowing MicroStrategy’s playbook, it is likely to record similar bullish returns in the long term. The firm’s continued investment in Bitcoin signals a positive sentiment in Asia’s investment landscape, potentially triggering a ripple effect among other firms in the region.
