3rd Investment for That Cryptocurrency from the Giant Company: Here are the Details!

Japanese investment giant Metaplanet has strengthened its confidence in the cryptocurrency unit by making a new breakthrough in the Bitcoin market. This move aligns with the general trend of more institutions turning to crypto and reveals that the company views Bitcoin as a valuable asset. Here are the details…

Asia’s MicroStrategy is active in cryptocurrency again

Metaplanet, also known as the “MicroStrategy of Asia,” announced on Monday that it purchased Bitcoin worth 1 billion Japanese Yen (approximately $6.25 million). This acquisition was financed with funds obtained from a recent bond sale of the company. This decision shows that Metaplanet is using Bitcoin as a tool to diversify its investments and hedge against economic uncertainties.

Metaplanet’s board of directors had previously approved a large Bitcoin purchase. With the announcement made on Monday, the information that the company would purchase Bitcoin worth approximately $6.25 million was shared with the public. Funds obtained from a recent bond sale will be used for the purchase process. Metaplanet plans to hold the purchased Bitcoins for the long term. However, if they have to use cryptocurrencies for daily operations or other needs, they will equally list Bitcoin as current assets on their balance sheets.

Third purchase in two months

This is not Metaplanet’s first brush with Bitcoin. cryptokoin.com As we reported, the company has made three other Bitcoin purchases in the last two months alone. Metaplanet’s last purchase was recorded as 23.25 Bitcoins worth approximately $1.59 million. This process brought the total Bitcoin holdings to 141.07 BTC. With the last purchase on June 24, Metaplanet’s Bitcoin holdings will exceed 240 BTC, exceeding approximately $15 million at current market values.

By purchasing Bitcoin, Metaplanet aims to protect itself from Japan’s escalating debt issues and the weakening Yen. The Japanese government has a large amount of debt and interest rates in the country have been below zero for some time. This situation is not very encouraging for the Japanese economy. Although Metaplanet has not purchased Bitcoin in as large a measure as MicroStrategy, which currently has 226,331 BTC, the company’s decision to add Bitcoin to its financial holdings has sparked a lot of interest among investors.

Bitcoin price has declined over the past week and is currently trading at $62,633.31. The volume of the last 24 hours reached 14.3 billion dollars. The price has decreased by 2.83% in the last 24 hours. In the last period, Bitcoin price fluctuated between $63,403.78 and $62,424.49. The total market value of Bitcoin is currently at 1.2 trillion dollars. Despite this decline, Metaplanet’s entry into the cryptocurrency market is seen as a plausible breakthrough. By purchasing Bitcoin at lower prices, the company may have the potential to earn decent returns when the market recovers.