Metaplanet Inc., a Japanese publicly traded company, shows no signs of slowing down its aggressive Bitcoin purchasing spree, announcing its latest acquisition today. The firm disclosed the addition of another 21.88 BTC to its holdings, bought for 200 million yen, approximately $1.26 million.
Metaplanet has been actively purchasing Bitcoin twice a month since adopting its Bitcoin for Treasury Asset Policy earlier this year. This latest purchase comes amid fluctuating pressures between bearish and bullish sentiments in the Bitcoin market.
By increasing its holdings, Metaplanet now holds a total of 225.611 BTC, acquired at an average price of 9,972,933 yen, totaling 2.25 billion yen or $14.197 million.
Metaplanet's approach to Bitcoin mirrors that of MicroStrategy, demonstrating that any company worldwide can adopt a similar strategy, leveraging BTC's potential without government restrictions.
These acquisitions have contributed to stabilizing Bitcoin's price within the $53,717.38 to $67,188.32 range over the past month.
Will Metaplanet continue its Bitcoin buying spree? With a smaller capital base and profit turnover, Metaplanet's exact motives for heavily investing in Bitcoin remain unclear. However, it's likely the firm will continue expanding its Bitcoin holdings to bolster long-term capital growth.
Interestingly, like MicroStrategy, Metaplanet has issued bonds to fund its Bitcoin purchases, signaling a commitment to accumulating Bitcoin until its investments yield substantial returns.
