Metaplanet has acquired 108.78 Bitcoin tokens worth about ¥1 billion, or $6.7 million, bringing its Bitcoin holdings to 168.78 tokens. The purchase, however, reflects the Japanese company’s confidence in Bitcoin price despite recent gyrations. The acquisition cost per token was ¥9,192,359, on average.
Metaplanet now holds a total of 639.503 Bitcoin tokens, after the latest Bitcoin addition. Defending itself against Japanese accusations of illegal dumping, the company noted that the average price of these holdings is ¥9,326,856 and that the total valuation was ¥5.965 billion. This is part of Metaplanet‘s strategy to accumulate Bitcoin as part of long-term investment plans.
Metaplanet Increases Bitcoin Holdings to 506 Tokens
A little earlier this year, Metaplanet purchased a series of Bitcoins, and it followed up with recently acquired. On Oct. 1, the company boosted its Bitcoin holdings to 506.745 tokens, with ¥1 billion in bitcoins priced in. That purchase cost an average of ¥9,266,724 per Bitcoin.
Direct purchases are not the only way for Metaplanet to play in Bitcoin — they have also been in the trading game. The company just sold Bitcoin put options, taking in 23.97 Bitcoin tokens in premium income. This diversified approach reveals the company’s attempt to gain maximum from long-term price appreciation as well as short-term market opportunities.
This acquisition follows Metaplanet’s announcement in February about a ¥10.08 billion Gratis Allotment of Stock Acquisition Rights. The aim was to further fund the company’s Bitcoin holdings. Metaplanet’s commitment to this strategy is confirmed by its recent purchase, which bolsters the company’s place in the cryptocurrency market.
Bitcoin Forecast Strong as Metaplanet Invests Further
Metaplanet’s latest purchase indicates the company’s confidence in future Bitcoin performance. The cryptocurrency has seen price volatility, but the firm believes it will soon touch a new all-time high. As short-term fluctuations are translated, Metaplanet still defies Bitcoin’s path to over $80,000 by the end of October 2024.
In the last 24 hours, Bitcoin has risen 1.72% to trade at $63,111.82. However, over the last week, it has fallen 1.63 percent, but it’s up more than 16 percent in the last month. This broad market outlook is still bullish and strives to see Bitcoin reaching over $90,582 by the end of the year.
Surprisingly enough, Metaplanet’s continued Bitcoin acquisitions support this optimistic forecast. That shows the company is confident in the cryptocurrency’s long-term value. If other firms take the Metaplanet plunge, Bitcoin should retain its market position over the coming months.
