Japan’s Metaplanet Buys Another Bitcoin Dip, Will The Stock Rally Continue? 🚨
Every passing week, Japan’s public-listed firms continue to add more and more Bitcoins to their stash. Making the most of this Bitcoin price dip, Metaplanet purchased an additional 42.47 Bitcoins worth 400 million yen or 2.42 million USD. Interestingly, the Bitcoin purchase comes as the BTC price crashed under $54,500 earlier today.
Metaplanet on Bitcoin Accumulation Spree
The Japanese firm Metplanet has made a strong pivot by adopting a Bitcoin accumulation strategy. As a result, it is also popularly referred to as the MicroStrategy of Japan. Metaplanet is expanding its Bitcoin investment strategy by establishing a new subsidiary in the British Virgin Islands. This move aims to bolster its position in the cryptocurrency market and increase its Bitcoin reserves as part of its long-term financial strategy.
With continuous accumulation over the last month and more, Metaplanet has accumulated a total of 203.734 Bitcoins with a total investment value of 2.05 billion yen. Metaplanet’s market cap currently stands at 14.5 billion JPY, with Bitcoin holdings on its balance sheet amounting to 2 billion JPY. The percentage of Bitcoin as part of Metaplanet’s total assets continues to rise with some market analysts expecting it to exceed 100% in the near future.
Dylan LeClair, the Director of Bitcoin Strategy at Metaplanet, is the braid behind all these bold moves. In one of these latest podcasts, Leclair said: “Japan’s favorable environment for Bitcoin adoption presents a unique opportunity for corporate strategy and growth”. Furthermore, LeClair is also gaining popularity as the ‘Michael Saylor’ of Metaplanet.
