As a researcher with experience in the cryptocurrency market, I’m excited to see Metaplanet Inc’s continued commitment to Bitcoin despite recent price fluctuations. The company’s strategic acquisition of ¥250 million worth of Bitcoin aligns with its bullish stance and innovative approach to financial markets.
Metaplanet Inc, a Japanese corporation, has revealed plans to expand its Bitcoin (BTC) holdings, following a favorable outlook. The firm’s board has approved a decision to purchase approximately ¥250 million ($2.34 million USD) in Bitcoin. This move aligns with the company’s current strategy and occurs as Bitcoin hovers near $68,000, having experienced a minor correction from its previous peak at around $71,000.
Metaplanet Continues Buying Strategy
On May 28, Metaplanet announced its intention to increase its Bitcoin holdings and adjust its accounting methods for investors. The company currently holds around ¥250 million in Bitcoin, which is equivalent to approximately $1.59 million. This addition complements its earlier acquisition of 117.7 Bitcoins at an average price of ¥10,193,536 per coin.
Based on the announcement, the company plans to assess the value of bitcoin it has acquired for the long term at the original cost price, whereas the bitcoin held for shorter terms will be reassessed every quarter according to market values. Any unrealized profits or losses from these transactions will be recorded as non-business income. However, any substantial influence on quarterly profits will be made public in a timely manner.
Following a previous investment of around ¥200 million, or approximately $1.25 million, in Bitcoin, Metaplanet is now making another purchase. In line with MicroStrategy’s approach as led by Michael Saylor, the company intends to grow its Bitcoin holdings, aiming for up to $6.25 million as declared in April. Metaplanet regards this move into Bitcoin as a symbol of forward-thinking and flexibility within financial markets.
The crypto community has praised the optimistic position of the company this year, as the market has thrived on the rising interest from institutions in Bitcoin and other digital assets, resulting in a surge in prices.
Bitcoin Records Slight Outflows
The announcement emerges as Bitcoin is currently priced at $68,249, representing a 2.85% decrease over the past 24 hours. This recent dip follows a surging trend in the crypto market sparked by shifting sentiments. Nevertheless, industry analysts anticipate further price growth for Bitcoin due to speculated Fed interest rate reductions later in 2021.
In the first quarter of 2024, Bitcoin reached a new peak price of over $73,000 after the SEC in the US gave its approval for a spot Bitcoin ETF.
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2024-05-28 19:23