Recently, Japanese investment firm Metaplanet made its largest ever Bitcoin acquisition, buying 619.7 BTC for 9.5 billion yen ($60.5 million). After issuing debt and buying additional BTC, Metaplanet’s Bitcoin treasury strategy has advanced. The company now owns 1,761.98 BTC, worth about $164 million at today’s prices.
Metaplanet's approach is similar to that of MicroStrategy, an American software company that values Bitcoin.
In 2020, MicroStrategy purchased Bitcoin to boost shareholder value. MicroStrategy controls 444,262 Bitcoin worth over $41 billion.
A bold strategy to enhance value
Metaplanet’s move to buy more bitcoin has drawn attention, especially given its ambitions to protect its bitcoin holdings and lead the bitcoin ecosystem in Japan. Some have praised the move, while investors have criticized it, leading to a drop in its share price last week.
This response was partly driven by concerns that the company was becoming a “Bitcoin vault” like MicroStrategy.
Metaplanet’s strategy demonstrates confidence in the long-term value of Bitcoin despite mixed reviews. Metaplanet wants to store value with Bitcoin by building up large reserves. As the Bitcoin industry develops in Japan, this bold move could inspire other companies.
Bitcoin Market Prediction: Can It Surpass $99,350?
Bitcoin market is in a consolidation phase. After falling below $92,000, Bitcoin is now trading at $98,180.
Resistance level starts at $99,350 and increases at $102,470 and $106,450.
Bitcoin could rise to $100,000 if it manages to break these limits.
On the downside, $96,210, $92,710, and $90,870 are important support levels.
The RSI at 60.20 suggests that the positive momentum may continue, but Bitcoin volatility remains high.
A break above $99,350 could lead to further gains, while a failure to sustain above $96,210 could lead to a pullback.
Metaplanet adds $60.5 million to its Bitcoin treasury.
Bitcoin is facing immediate resistance around $99,350; a break could boost prices.
RSI 60.20 indicates positive momentum, but volatility continues.