Metaplanet, a Japanese investment firm, made a bold move by acquiring 23.351 BTC, increasing its total holdings to 141.07 BTC worth $9.6M. This decision marks a significant departure from traditional investment strategies and showcases the firm’s growing confidence in the value of Bitcoin, following the trend of institutional investors entering the crypto market.
Often referred to as “Asia’s MicroStrategy,” Metaplanet saw a substantial increase in its stock price after the announcement of its latest Bitcoin acquisition. This news of investing $1.59 million in Bitcoin sent shockwaves through the financial sector, attracting attention from investors.
The firm’s stock price has surged since the revelation of its Bitcoin investment, highlighting its strong track record in financial management. The purchase of 23.351 Bitcoin at an average price of $65,365 per Bitcoin further solidifies Metaplanet’s position in the cryptocurrency market, as detailed in a disclosure notification dated June 11.
Despite Bitcoin’s attempt to break above the $69,500 barrier level, the price was unable to sustain its gains and dropped back below key support levels at $69,500 and $68,000. Currently, Bitcoin is trading at $67,366, marking a 2.75% decrease in the last 24 hours according to data from CMC.
