- In light of the recent transaction, Metaplanet now owns more than 225 BTC.
- To acquire Bitcoin, Metaplanet, like MicroStrategy, has been selling bonds.
For a total investment of almost $1.26 million, Japanese company Metaplanet extended its Bitcoin buying binge, purchasing an extra 21.88 BTC. Coincident with this news, the price of Bitcoin jumped 4.5% on Monday, bringing it near to $65,000.
Metaplanet has been gradually increasing its Bitcoin holdings over the last two months, mimicking MicroStrategy’s approach. The Japanese company has been buying Bitcoin on a weekly basis using the Dollar-cost-averaging (DCA) method, which has been rather successful throughout the current Bitcoin downturn.
Banking on Bitcoin
In light of the recent transaction, Metaplanet now owns more than 225 BTC, which, at the current BTC price, is worth around $14.55 million. To acquire Bitcoin, Metaplanet, like MicroStrategy, has been selling bonds.
The share price of Metaplanet has soared by almost 9.68% and is now trading at 102 JPY, thanks to today’s news of the purchase. Since the beginning of the year, the stock of the firm has increased by over 631%, thanks in large part to its Bitcoin adoption plan.
Metaplanet has 2.25 billion JPY worth of Bitcoin on its books, contributing to its present market valuation of 17.5 billion JPY. Some market observers have speculated that Metaplanet’s Bitcoin percentage would soon surpass 100% of total assets.
The price of Bitcoin has recovered strongly during the previous week, increasing by 13.3% and getting closer to $65,000. The price broke the prolonged downturn affecting the entire crypto sector. This recovery has mostly occurred in the last weekend after the narrow escape of former President Donald Trump from an attempted assassination at an election campaign event.
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