Metaplanet Invests $1.2M More in Bitcoin as Investment Strategy Advances

Metaplanet, a Japanese investment adviser, recently made a significant move in the cryptocurrency market. The company allocated $1.2 million to purchase over 20.2 bitcoins as part of its strategy to bolster its holdings in the leading digital currency by market capitalization.

This investment forms part of Metaplanet’s broader plan, announced a week ago, to acquire an additional $6 million worth of Bitcoin. This decision underscores the company’s commitment to expanding its cryptocurrency reserves.

In a statement released on its website, the Tokyo-based firm disclosed that it acquired 200 million yen worth of Bitcoin, bringing its total Bitcoin holdings to 161.3 BTC. Following the purchase, Metaplanet promptly shared the news on the social media platform X after the close of trading on the Tokyo Stock Exchange.

Metaplanet’s intensified focus on Bitcoin stems from the evolving investment landscape catalyzed by the Covid-19 pandemic, as detailed on the company’s website. The strategic move to accumulate Bitcoin mirrors the long-term approach adopted by MicroStrategy, a software developer based in Tysons Corner, Virginia. MicroStrategy has been steadily acquiring Bitcoin for nearly four years and currently holds over 226,000 BTC, which represents more than 1% of the total Bitcoin supply.

The market responded positively to Metaplanet’s recent Bitcoin acquisition, with the company’s shares experiencing a 1% increase following the announcement.

In a correction issued on July 1 at 10:53 UTC, the article rectified the number of Bitcoins held by MicroStrategy in the penultimate paragraph.

This article was edited by Oliver Knight.

Read more about MSTR, Bitcoin, and investment in the cryptocurrency market.