The latest Bitcoin acquisition was disclosed by the Japanese corporation Metaplanet. This purchase is timed to coincide with the beginning of a recovery in the cryptocurrency market as a whole from its recent lows. Regardless of market volatility, this demonstrates institutional confidence.
With a total investment of around $53.7 million, Metaplanet said that it has bought an additional 463 Bitcoin at a price of approximately $115,895 per coin. Because of this purchase, the firm currently owns 17,595 BTC, or almost $1.78 billion, in Bitcoin. The efficacy of the company’s treasury approach is shown by the remarkable 459.2% yield on Bitcoin year-to-date.
This 463 BTC transaction is quite close to Metaplanet’s last 780 BTC purchase, which was worth around $92.5 million, made only a week ago. The firm is a formidable rival to Michael Saylor’s Strategy. And one of the biggest public Bitcoin holders in Asia thanks to its persistent purchasing activities.
To put that in context, Strategy recently spent $2.46 billion to add 21,021 BTC to its enormous Bitcoin hoard. At an average cost of around $73,227 per Bitcoin, Strategy’s total holdings reached an industry-leading 628,791 BTC with this buy.
Importantly, Metaplanet is also trying to issue perpetual preferred shares in order to fund an astounding $3.7 billion. The idea has renewed investor interest in the prospect of larger Bitcoin purchases in the not-too-distant future. This matter is scheduled to be addressed at the next Extraordinary General Meeting (EGM).
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