Japanese firm Metaplanet has undertaken yet another Bitcoin purchase of 135 BTC worth $12.9 million. The new Bitcoin buy has bought the total holdings of the firm to 2,235 Bitcoins.
The firm announced that the current Bitcoin purchase was done at an aggregate price of 14,360 yen per Bitcoin. The firm’s quarter to date BTC yield now stands at 23.2%.
Despite the optimistic news of the latest Bitcoin buy, the share price of Metaplanet has been down over 3%.
Metaplanet’s share price decline is also in tandem with Bitcoin’s price decline, which currently stands at $87,067.62, down 8.95% as compared to the same time last day.
Metaplanet’s Continuous Bitcoin Buy Likely to Boost Firm’s Assets
With its most recent purchase of $12.9 million worth of Bitcoin, the Japanese investment firm Metaplanet has been steadily growing its holdings of the cryptocurrency, making a strong asset base.
This action demonstrates the company’s ongoing belief in Bitcoin’s long-term worth as well as its plan to bolster its holdings with cryptocurrency assets.
Metaplanet’s aggressive Bitcoin hoarding is a part of a larger trend where businesses diversify their investments to protect themselves from market volatility and inflation as institutional interest in cryptocurrencies develops.
The regular purchases imply that Metaplanet sees Bitcoin as a hedge against the volatility of conventional financial markets in addition to a store of value.
The company presents itself as a progressive participant in the cryptocurrency market by increasing its Bitcoin holdings, particularly as institutional usage and legal clarity continue to grow.
Also Read: Japan’s Metaplanet Secures ¥4.0 Billion ($25.9M) Via Bond Issuance for Bitcoin Expansion
Metaplanet’s Move Stays Neck to Neck With Market Trend
The move by Metaplanet coincides with an increase in Bitcoin investments by businesses looking to diversify their assets. Bitcoin’s decentralized structure and significant liquidity make it an attractive alternative to traditional assets.
As institutional use of Bitcoin continues to increase, it is being viewed as a hedge against currency devaluation and a store of value, much like gold. Businesses can also access the expanding blockchain and cryptocurrency markets by purchasing Bitcoin.
Increased public awareness, more open regulations, and the potential for large profits are all motivating businesses to incorporate Bitcoin into their long-term financial plan.
Other Industry Examples of Bitcoin Purchase by Large Corporates
Businesses like MicroStrategy, Tesla, and others have been spearheading the cryptocurrency’s adoption because they recognize its potential as a store of value and an inflation hedge.
MicroStrategy has made significant investments in Bitcoin, for example, and uses it as its primary treasury reserve asset. In an initial move to show their belief in the potential of the virtual currency, Elon Musk’s Tesla purchased Bitcoin for its balance sheet.
Businesses exploring the benefits of Bitcoin, including exposure to the rapidly growing cryptocurrency market, liquidity, and diversification, are following a broader trend. Investments in Bitcoin also inspire other companies to include it into their financial strategy.
Also Read: Michael Saylor Expresses Optimism Over Metaplanet, Urges People to Follow the Firm