As a seasoned researcher with extensive experience in following the cryptocurrency market, I have closely watched Metaplanet Inc.’s aggressive Bitcoin buying spree with great interest. The latest announcement of their purchase of an additional 21.88 BTC for 200 million yen is yet another pace-setting move that underscores their commitment to the world’s largest cryptocurrency.
Metaplanet Inc., a Japanese corporation listed on public markets, is unlikely to slow down its Bitcoin acquisition pace, as revealed in their latest announcement. The company has recently purchased an additional 21.88 Bitcoins for around 200 million yen or approximately $1.26 million.
Another Metaplanet pace-setting move
Metaplanet initiated its Bitcoin purchase policy for its Treasury this year, and since then, it has been acquiring bitcoins at least every other week. Their most recent buy occurred during a volatile market period when Bitcoin’s price was being influenced heavily by both bearish and bullish forces.
As a researcher, I’ve just added more coins to the Metaplanet portfolio, bringing the total to 225.611 BTC. The coins were previously purchased for an average price of 9,972,933 yen per coin, amounting to a total investment of approximately 2.25 billion yen or $14.197 million.
Metaplanet’s implementation of Bitcoin is evidence that MicroStrategy’s Bitcoin strategy can be replicated by any company that has faith in Bitcoin’s potential. This Bitcoin adoption is not limited to specific regions, as Bitcoin transactions occur freely without government intervention.
The recent purchases have kept Bitcoin’s value between the $53,717.38 and $67,188.32 mark during its monthly price fluctuations.
Will Metaplanet stop buying Bitcoin?
As an analyst, I would describe Metaplanet as a company with a more modest financial profile, both in terms of capital and profit turnover, compared to some of its larger counterparts in the industry. Although the specifics of their ideological commitment to Bitcoin are not publicly disclosed, it’s reasonable to assume that they may choose to increase their holdings of Bitcoin over time as a strategy for expanding their capital base in the long run.
Significantly, Metaplanet, similar to MicroStrategy, has opted to purchase Bitcoin using issued bonds instead of stopping until they generate a decent return on their investment.
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2024-07-16 13:05