Bitcoin

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Metaplanet, a major Japanese investment company, has increased its Bitcoin holdings with a new purchase. This move highlights the firm’s growing faith in Bitcoin as an important asset and aligns with the wider trend of more institutions investing in <a href="https://coingape.com/glossary/cryptocurrency/" target="_blank" rel="noopener">crypto</a>. 
On Monday, Metaplanet, sometimes called “Asia’s MicroStrategy,” announced a massive ¥1 Billion ($6.25 Million) Bitcoin buy. They funded this purchase using money from a recent bond sale. This decision shows Metaplanet’s strategy of using Bitcoin to diversify its investments and protect against economic uncertainty. 
<h2 id="metaplanet-s-strategic-bitcoin-acquisition-through-bond-sales">Metaplanet’s Strategic Bitcoin Acquisition Through Bond Sales</h2> 
Metaplanet directors have earlier authorized a massive bitcoin purchase. It was announced earlier today on Monday plans to buy Bitcoin worth 1 billion yen, or about $6.25 million. The company said it would use money from a recent bond sale to make this purchase. Metaplanet aims to hold onto its Bitcoin for the long haul. However, if they end up using it for day-to-day operations or other needs, they’ll list an equal amount as current assets on their books. 
<img decoding="async" class="aligncenter wp-image-203931" src="https://coingape.com/wp-content/uploads/2024/06/Metaplanet.jpeg" alt="" width="498" height="392" srcset="https://coingape.com/wp-content/uploads/2024/06/Metaplanet.jpeg 680w, https://coingape.com/wp-content/uploads/2024/06/Metaplanet-300x236.jpeg 300w, https://coingape.com/wp-content/uploads/2024/06/Metaplanet-150x118.jpeg 150w" sizes="(max-width: 498px) 100vw, 498px"> 
This isn’t Metaplanet’s first rodeo with Bitcoin. In the past two months alone, they’ve bought Bitcoin three separate times. <a href="https://coingape.com/japan-metaplanet-bags-more-bitcoin-sending-total-holdings-to-9-6m/" target="_blank" rel="noopener">Metaplanet’s last purchase</a> was 23.25 Bitcoin, worth around $1.59 million, which bumped their total Bitcoin stash to 141.07 BTC. With this latest buy on June 24, Metaplanet’s Bitcoin holdings will jump to just over 240 BTC, worth about $15 million at current prices. 
Also Read: <a href="https://coingape.com/bitcoin-futures-cash-and-carry-trade-profitability-tanks-amid-btc-price-drop-caution/" target="_blank" rel="noopener">Bitcoin Futures Cash-And-Carry Trade Profitability Tanks, Caution Ahead?</a> 
<h2 id="bitcoin-market-dynamics-metaplanet-s-hedge-plan">Bitcoin Market Dynamics &amp; Metaplanet’s Hedge Plan</h2> 
Metaplanet has decided to buy Bitcoin as a way to protect itself from Japan’s growing debt problems and the weakening yen. Japan’s government owes a lot of money, and interest rates have been stuck below zero for a while now, which isn’t great for the economy. Metaplanet hasn’t bought nearly as much Bitcoin as <a href="https://coingape.com/tag/microstrategy/" target="_blank" rel="noopener">MicroStrategy</a>, which owns a whopping 226,331 BTC, but people are still pretty interested in Metaplanet’s choice to add Bitcoin to its financial holdings. 
<a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin’s price</a> has taken a dip over a the past week, currently sitting at $62,633.31. Trading volume over the last 24 hours hit $14.3 billion, with the price falling 2.83% during the past 24 hours. We’ve seen Bitcoin bounce between $63,403.78 and $62,424.49. The total market cap for Bitcoin now stands at $1.2 trillion. 
Even with this downturn, Metaplanet’s move into crypto looks smart. They might be able to capitalize on these lower prices, setting themselves up for good returns down the road if the market bounces back. 
Also Read: <a href="https://coingape.com/charles-hoskinson-says-cardano-is-waking-up-as-sundae-v3-pulls-big-numbers/" target="_blank" rel="noopener">Charles Hoskinson Says “Cardano Is Waking Up” As Sundae V3 Pulls Big Numbers</a> 
The post <a href="https://coingape.com/metaplanet-to-buy-7m-bitcoin-using-bond-sales-following-microstrategy/">Just-In: Metaplanet To Buy $7M Bitcoin Using Bond Sales, Following MicroStrategy</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Just-In: Metaplanet To Buy $7M Bitcoin Using Bond Sales, Following MicroStrategy

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