Bitcoin

Show

<ul>
 <li>Metaplanet’s Bitcoin holdings have crossed&nbsp; a worth of 1 billion yen.</li>
 <li>BTC rebounded to $68K, spiked over 1% in the past 24 hours.</li>
</ul>
Japanese investment firm Metaplanet purchased an additional 20.381 BTC, worth 200 million yen (approximately $1.4 million) on Monday. With this recent purchase, the firm has achieved the goal of purchasing 1 billion yen worth of Bitcoin (BTC).&nbsp;
The company acquired Bitcoin at an average price of 9,813,061 yen per BTC. In light of the recent purchase, Metaplanet currently owns 245.992 Bitcoins, with an aggregated amount purchased of 2.45 billion yen ($15 million).&nbsp;
Notably, Metaplanet has been increasing its BTC holdings over the past few months, and the buying strategy is within the weekly gaps by adopting a dollar-cost averaging (DCA) method similar to that of Michael Saylor-led U.S. firm MicroStrategy. The act aims to drive Metaplanet Bitcoin investment as a shield against the depreciating Japanese yen.
Besides, this recent purchase of Metaplanet is <a href="https://contents.xj-storage.jp/xcontents/33500/7806eef2/8074/4020/b661/27448cbe2749/140120240719551721.pdf" target="_blank" rel="noopener noreferrer nofollow">reportedly</a> the fourth Bitcoin acquisition in July. Previously, the firm purchased 20.195 Bitcoins for 200 million yen ($1.2 million) on July 1. Another purchase of 42.47 Bitcoins for 400 million yen (approximately 2.42 million) on July 8. Metaplanet has further <a href="https://thenewscrypto.com/metaplanet-continues-buying-spree-with-1-26m-worth-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">invested</a> 200 million yen in buying 21.877 BTC on July 16.&nbsp;
<h3 class="wp-block-heading" id="h-metaplanet-s-strategic-bitcoin-purchase">Metaplanet’s Strategic Bitcoin Purchase&nbsp;</h3>
Meanwhile, Japan’s economic environment is overshadowed by the highest government debt-to-GDP ratio in the developed world, currently standing at 261%, as per the May 13 press <a href="https://contents.xj-storage.jp/xcontents/33500/78d457c2/7534/4ed6/abe3/90f046c452cf/140120240510590390.pdf" target="_blank" rel="noopener noreferrer nofollow">release</a>. Accompanied by the weakened momentum of yen&nbsp; and negative interest rates. In response to these challenges, Metaplanet has adopted Bitcoin as its strategic treasury reserve asset and made crypto assets superior.&nbsp;
This strategic decision by the firm is driven by the need to mitigate the yen currency risks associated with Japan’s fiscal policies and the opportunity to capitalize on the monetization process of <a href="https://thenewscrypto.com/bitcoin-hashrate-steady-amid-market-volatility-and-difficulty-adjustments/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>.&nbsp;
Last month, Metaplanet announced that its board of directors had agreed to purchase Bitcoin worth 1 billion yen ($6.26 million) using the capital raised through a round of bond issuance.
Following the BTC acquisitions, Metaplanet’s stock price increased as the company adopted a BTC-friendly strategy. Metaplanet’s shareholders have mentioned several changes in their investment strategies. According to CoinGecko <a href="https://www.coingecko.com/en/public-companies-bitcoin" target="_blank" rel="noopener noreferrer nofollow">data</a>, Metaplanet is the world’s 21st-largest corporate holder of Bitcoin, as followed by their steady acquisitions.&nbsp;
Highlighted Crypto News
<a href="https://thenewscrypto.com/trump-based-memecoins-show-price-surges-amidst-bidens-bowing-out/" target="_blank" rel="noopener noreferrer nofollow">Trump-Based Memecoins Show Price Surges Amidst Biden’s Bowing Out</a>

Metaplanet Completes Its 1B Yen Bitcoin Mission With Recent Buy

Obsah

TheNewsCrypto

Ďalšie články zverejnené 22. 7. 2024

Bitcoin bulls aim for $72K after BTC futures premium hits a 5-week high

Exchanges Approve ETH ETFs Listings

Revolutionizing Legal Tech: Discover the Power of Law Blocks AI

Top 5 Binance’s Third Week of July Updates

Fractal ID’s recent data breach, affecting 6,300 customers, was traced back to 2022

Crypto Exchange Gate.io Ceases Japan Operations, Here’s Why

Pripojte sa k nášmu bezplatnému bulletinu a získajte denné aktualizácie kryptomien!