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Metaplanet Buys the Dip: $61M Bitcoin Acquisition Amid Market Volatility
In a bold move to demonstrate its unwavering commitment to Bitcoin (BTC), Metaplanet Inc, a Japanese investment giant, has announced that it will be investing nearly $61 million in the largest cryptocurrency. This strategic decision comes amidst an unprecedented market downturn, with BTC experiencing a 12.06% weekly dip.
As per recent announcements, Metaplanet acquired an additional 619.7 BTC at an average price of 15.3 million yen ($97,786) per Bitcoin, bringing its total holdings to 1,761.98 BTC valued at over $164 million at current prices. This substantial acquisition underscores the company’s steadfast trust in Bitcoin as a key asset in its portfolio.
It is essential to note that this massive investment was funded through a recent bond issuance of 9.5 billion yen ($60.6 million). Despite the market turbulence, Metaplanet has chosen to “buy the dip,” leveraging the situation to further solidify its position within the cryptocurrency space.
This move serves as a stark reminder of Metaplanet’s long-term bullish outlook on Bitcoin, a stance that mirrors the strategy pioneered by American software giant MicroStrategy. For context, MicroStrategy began investing in BTC in 2020 with the goal of maximizing shareholder value. As it stands, the company holds over 444,262 BTC worth more than $41 billion.
Interestingly, Metaplanet’s approach to aggressively acquiring Bitcoin is reminiscent of MicroStrategy’s initial strategy. This decision demonstrates a strong commitment by Metaplanet to its Bitcoin holdings and has sparked curiosity among market observers about the potential impact on its stock price.
As per recent data, Metaplanet’s shares dropped 0.98% on December 23rd, closing at 3,540 yen ($22.52). However, a look at the latest numbers from Google Finance reveals that the company’s stock fell further, concluding at 3,220 yen on December 24th—a significant drop of 9.04%. Despite this recent downturn, Metaplanet has chosen to stick by its investment thesis and is not deterred by short-term market fluctuations.
In conclusion, it appears that Metaplanet remains committed to Bitcoin, even in the face of adversity.
Source: ambcrypto.com
