The renowned Japanese investment firm has successfully accumulated a substantial amount of 203.734 Bitcoins, which are currently valued at an impressive 2.05 billion yen. This strategic move by Metaplanet is reminiscent of the popular American company MicroStrategy, earning them the nickname “the MicroStrategy of Japan” in the eyes of the public.
To further bolster their investment in Bitcoin, Metaplanet has taken a significant step by establishing a new company in the British Virgin Islands. This decision is part of their long-term financial plan, aiming to increase their Bitcoin reserves and solidify their position in the cryptocurrency market.
Metaplanet’s dedication to Bitcoin has been evident in their recent actions. They took advantage of the current price drop by purchasing 42.47 Bitcoins, equivalent to approximately 2.42 million USD. Interestingly, this purchase coincided with Bitcoin’s sudden plunge below $54,500. As of now, Bitcoin is trading at $57,067, according to data from CMC.
Throughout the past month and more, the Japanese investment firm has been steadily accumulating Bitcoins. Their total holdings now amount to a staggering 2 billion JPY, contributing significantly to their overall market value of 14.5 billion JPY.
Industry experts predict that Bitcoin will soon make up over 100% of Metaplanet’s total assets, reflecting their strong commitment to this digital currency. Dylan LeClair, the Director of Bitcoin Strategy at Metaplanet, has been instrumental in orchestrating these bold moves. LeClair has highlighted the unique opportunity for business expansion and strategic growth that Japan’s Bitcoin-friendly climate presents. His role as the “Michael Saylor” of Metaplanet has gained popularity, thanks to the company’s embrace of Bitcoin, which has led to an astounding 382% increase in Metaplanet shares since the beginning of 2024.
In other crypto news today, there is speculation about the significant role institutional transfers played in the recent downfall of Ethereum.
