Metaplanet becomes one of top 30 BTC holders with new $1.59M acquisition

Share This Post

Metaplanet has become one of the top 30 corporate holders of Bitcoin in the world after its recent acquisition.

On June 11, Metaplanet announced the purchase of 23.25 Bitcoin for ¥250 million ($1.59 million), averaging ¥10,706,180 ($69,627) per Bitcoin. This transaction increased the company’s total Bitcoin holdings to 141.07 BTC, acquired for ¥1.45 billion ($9.2 million) at an average price of ¥10,278,391 ($65,365) per Bitcoin.

This marks Metaplanet’s third Bitcoin purchase within three months. The company first bought 97.85 Bitcoin in April, followed by 19.87 BTC in May.

Metaplanet is a Japanese public company that offers hospitality and technology services. It is the first publicly traded company on the Tokyo Stock Exchange to invest in Bitcoin. According to data from Google Finance, this latest purchase caused a 10% surge in its stock price, reaching ¥89.

Bitcoin’s institutional adoption

Metaplanet’s latest acquisition aligns with a growing trend of companies incorporating Bitcoin into their treasury assets.

Recently, two companies—Semler Scientific and DeFi Technologies—acquired nearly 1,000 BTC because they view the digital asset as a hedge against inflation and protection against monetary debasement.

Chris Kuiper, Director of Research at Fidelity Digital Assets, noted that it was logical for small and microcap companies to be early adopters of the asset. According to him, smaller companies have more stake than larger firms, and their early adoption of BTC mirrors a similar trend observed in certain countries.

He added:

“What also stands out to me is the similar language in these press releases of noting bitcoin’s characteristics as an inflation hedge or protection from monetary debasement. Both also noted the perceived gap in value.”

Meanwhile, these companies’ moves pale significantly against that of MicroStrategy, the largest corporate holder of the top crypto. The Michael Saylor-led company holds more than 210,00 Bitcoin, equivalent to over 1% of the digital asset’s total circulating supply.

The post Metaplanet becomes one of top 30 BTC holders with new $1.59M acquisition appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Only 0.47% of money laundering uses Bitcoin and crypto out of $5 trillion globally

A new report from ivezzcom reveals that every year, an estimated 2-5% of the global GDP is laundered, translating to up to $505 trillion by 2024 Reflecting on these numbers reveals a significant

Kenya Concludes Worldcoin Investigation

Kenyan police have reportedly closed their investigation of Worldcoin, allowing the latter to resume its activities in the East African nation The chief legal officer at Tools for Humanity confirmed

Solana Slides 13% – Can It Recover Despite Analyst’s $1,000 Prediction?

Solana (SOL) has been caught in the crypto current, tossed back and forth by recent market volatility After an impressive rally earlier in 2024, SOL has dipped by 13% over the past week, leaving

Weekly Crypto Preview: These Are The Top 5 Coins

This week in crypto, the market is poised at a crucial juncture with several significant developments on the horizon These are the top 5 cryptocurrencies to keep an eye on in the upcoming days #1

Bitcoin tumble below $63,000 last week was its second-worst weekly performance of 2024

Quick Take Bitcoin faced a challenging period last week (June 17-23), marking one of its worst weeks of 2024 According to Glassnode, Bitcoin declined by 52% in week 25, making it the second

Bitcoin Technical Analysis: Mt Gox Payment News Rattles Markets

Bitcoin’s price action on June 24, 2024, indicates a clear bearish trend Hovering around $61,171, bitcoin has fluctuated between $60,580 and $64,384 in the past 24 hours BTC’s market