Metaplanet Acquires Additional $1.2 Million Worth of Bitcoin as Price Approaches $65,000

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Bitcoin investment firm Metaplanet has acquired 21.88 BTC coins worth over $1.2 million (200 million yen). The firm confirmed this purchase in a July 16 statement, adding that it currently holds a total of 226.6 BTC, valued at $14.6 million.

*Metaplanet purchases additional 21.88 $BTC* pic.twitter.com/zCXzKFudog

— Metaplanet Inc. (@Metaplanet_JP) July 16, 2024

Interestingly, Metaplanet’s purchase comes amid rising Bitcoin prices and a broader crypto market recovery. BTC trades at $63,130, up 4.4% in the last 24 hours. 

Metaplanet Acquires More Bitcoin Amid Market Revival

Following Bitcoin’s recent price increase, Metaplanet’s shares gained 25.8% to trade at $0.74 (117 yen) in the Tokyo Stock Exchange’s opening hours. Metaplanet leveraged Bitcoin’s price slump early this month, purchasing an additional 42.47 BTC worth $2.5 million (400 million yen) on July 7. 

Metaplanet’s stock price has rallied six times above its original value after unveiling its BTC investment strategy. According to CoinGecko data, Metaplanet ranks 21 among the world’s largest corporate Bitcoin holders. 

MicroStrategy retains the top spot on this list as CEO Michael Saylor promotes a Bitcoin-friendly investment approach. Metaplanet is often referred to as Asia’s MicroStrategy since it follows a similar pattern to the top-ranked BTC holding organization.

Meanwhile, Metaplanet recently disclosed that it will adopt a full range of capital market instruments to boost its Bitcoin reserves. The Japanese firm adopted this strategy to overcome the effects of the depreciating Japanese yen due to Japan’s worsening debt.

Companies Adding BTC to Holdings Based on Long-Term Potential

Metaplanet is not the only company embracing BTC; many public and privately traded companies have also adopted the asset.

MicroStrategy has led this charge with its massive 226,331 BTC holdings. The US-based automobile company Tesla also holds a sizable amount of BTC, about 11,509 BTC, valued at $730.62 million.

According to data from BitcoinTreasuries, public and private companies hold a total of 812,929 BTC.

The extensive institutional holdings give the companies more exposure to the crypto space and positively impact the price of Bitcoin. While the US and other countries battle economic instability, many see Bitcoin as an alternate store of value and hedge against inflation.

Moreover, many corporations are embracing Bitcoin as a hedge against inflation following the steady decline of the US dollar.

In a recent X post, MicroStrategy’s CEO Michael Saylor said Bitcoin bridges chaos and hope. Saylor believes Bitcoin should back the American dollar to gain true value.

#Bitcoin is the bridge from chaos to hope.pic.twitter.com/tTXPU4iXZT

— Michael Saylor⚡️ (@saylor) July 13, 2024

According to the crypto exchange CEX.io, since Bitcoin’s launch in 2019, retail participants who held BTC as a store of value have benefitted. CEX.io noted that some businesses are adding Bitcoin to their treasury holdings, taking advantage of a decentralized portfolio.

🔙 Since Bitcoin’s launch in 2009, retail participants who maintained the asset’s potential as a store of value have been righteously vindicated by its overall performance. 

📃 Now, as more businesses are including BTC among their treasury holdings, it seems corporate entities…

— CEX.IO (@cex_io) July 5, 2024

Bitcoin has shown resilience despite increased selling pressure in early July to bounce back from the recent downtrend. Its rising adoption will likely lead to further price gains in the coming weeks, moving it closer to its all-time high.