Metaplanet, a Japan-based Web3 company, has recently disclosed its purchase of additional Bitcoin worth ¥200 million, equivalent to $1.25 million. This move follows its previous acquisition of ¥1 billion worth of BTC, approximately $6.25 million, towards the end of last month. Although the latest purchase is comparatively smaller, it underscores the company's commitment to establishing itself as a prominent player in the digital asset industry.
As per the announcement on its X page, Metaplanet bought 19.87 BTC at an average price of 10,065,548 yen per Bitcoin, totaling 200 million yen. The company revealed in its 'Progress of Disclosure' that its total BTC holdings now stand at around 117.7 BTC. This investment strategy reflects Metaplanet's confidence in Bitcoin's growth potential, long-term viability, and its potential to gain widespread acceptance as a legitimate asset.
Metaplanet had previously declared in early April its decision to embrace BTC as its core treasury asset, showcasing its commitment to staying abreast of developments and innovations in the finance sector. This move not only positions Metaplanet as a leader in the digital finance era but also underscores its pioneering role in promoting the adoption of virtual assets in Japan. The company expressed in its statement:
"Our transition to Bitcoin marks a significant milestone in our mission to lead in the digital finance era and positions Metaplanet as a trailblazer in the adoption of digital assets in Japan. Stay tuned for more updates!"
Institutional Investment to Increase the Price and Legitimacy of Bitcoin
Following Metaplanet's initial acquisition of $6.56 million worth of Bitcoin, there was a notable surge in its stock price, climbing by 90% within 48 hours. Currently, the stock has increased by over 3% in the past 24 hours, reflecting the positive influence of cryptocurrencies on the traditional financial market.
Similarly, Bitcoin has rebounded from its previous slump when it dropped to $56,000, now trading around $62,000 with a 3% increase in the last 24 hours.
Metaplanet's transition to Bitcoin signifies a growing trend of institutional adoption of cryptocurrencies, strengthening Bitcoin's legitimacy as a store of value and hedge against inflation. The increasing participation of Web3 companies in the cryptocurrency market is expected to further bolster Bitcoin's value, driven by the influx of large institutions into the sector.
May 2024, Cryptoniteuae