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Metaplanet buys the dip: $61M Bitcoin acquisition amid market volatility
Japanese investment giant Metaplanet Inc has reinforced its bullish stance on Bitcoin by investing nearly $61 million in the largest cryptocurrency. This move comes as Bitcoin is experiencing a notable decline, with the king coin dropping below the $100K mark to $94,026.54 at press time.
Metaplanet’s latest acquisition, valued at approximately $167.1 million, includes the purchase of 619.7 BTC at an average price of 15.3 million yen ($97,786) per Bitcoin. This brings its total holdings to 1,761.98 BTC, with a valuation exceeding $164 million at current prices.
The company’s decision to “buy the dip” underscores its long-term bullish outlook on the cryptocurrency, despite short-term market volatility. It is worth noting that Metaplanet has been steadily increasing its Bitcoin holdings since adopting it as a strategic treasury reserve asset in May. Last week, the Tokyo-listed firm reaffirmed its commitment by announcing plans to accelerate Bitcoin acquisitions through debt issuance.
Interestingly, Metaplanet’s approach mirrors the strategy pioneered by American software giant MicroStrategy. The company began investing in BTC in 2020 with the aim of maximizing shareholder value. With over 444,262 BTC worth a staggering $41 billion, MicroStrategy’s model has set a precedent that Metaplanet appears eager to emulate.
Despite its aggressive Bitcoin acquisitions, Metaplanet’s stock performance has recently been affected by market fluctuations. On December 23rd, the company’s shares dropped 0.98%, closing at 3,540 yen ($22.52). Furthermore, it closed at 3,220 yen on December 24th, a drop of 9.04% in just one day.
Source: ambcrypto.com
