Japanese Metaplanet Boosts Bitcoin Holdings: Adds 19.87 BTC to Reach $7.4M in Crypto!

The post Japanese Metaplanet Boosts Bitcoin Holdings: Adds 19.87 BTC to Reach $7.4M in Crypto! appeared first on Coinpedia Fintech News

In a strategic move reminding us of MicroStrategy, Metaplanet has plunged into Bitcoin, marking it as its top pick for savings. Recently disclosed, the Japanese giant, Metaplanet Inc., has revealed an additional 19.87 Bitcoins, boosting its total holdings to over 117.7 Bitcoins, which are now valued at approximately $7,396,560. This signals a major change in its investment strategy and a notable entry into the cryptocurrency realm.

What are the broader implications? Let’s understand.

Metaplanet’s Bitcoin Investment

Metaplanet, a leading investment and consulting firm on the Tokyo Stock Exchange, made waves last month by investing ¥1 billion ($6.5 million) in Bitcoin for its corporate treasury. This was not just a significant investment; it represented 30% of the company’s current market value, showcasing Metaplanet’s serious dive into crypto.

The disclosure, made in an April 8, 2024, “Progress of Disclosure” notice, unveils Metaplanet’s acquisition of 97.8519 bitcoins, bought at an average price of ¥10,219,524 per bitcoin. This reveals the company’s 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. Bitcoins, which are now valued at approximately $7,396,560 ($7.397 Million). 

However, this move comes after MicroStrategy revealed in its recent financial report that it purchased 25,250 bitcoins during the first four months of 2024. This acquisition brings their total Bitcoin holdings to 214,400 BTC, representing over 1% of all existing Bitcoins.

Bitcoin As A Hedge 

According to company representatives, this isn’t 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 finance scene and the adoption of cryptocurrencies.

With Bitcoin’s reputation 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 backing 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 Market Analysis

Currently, Bitcoin is trading at $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 21,000,000 BTC. In the past 24 hours, Bitcoin saw trading activity totaling $25.22 billion.

Is Metaplanet’s Bitcoin bet a sign of a bull rally in May? Only time will tell, but one thing’s for sure: the future of finance is getting interesting.