Metaplanet Inc., has increased its Bitcoin holdings by purchasing ¥250 million ($1.59 million) worth of Bitcoin, bringing its total to 117.7 units.
In line with its positive stance, Metaplanet Inc., a Japanese-based company, has disclosed an increase in its Bitcoin (BTC) holdings. The corporation announced a board decision that aimed to buy Bitcoin worth ¥250 million in accordance with the company’s recent strategy approach.
Metaplanet Continues Buying Strategy
Following a brief correction that saw bulls pitch $71,000, the market leader’s price is currently hovering around $68,000. Bulls are responsible for this outcome. On May 28th, Metaplanet disclosed its intentions to increase its Bitcoin stockpile and improve its book-keeping procedures to investors.
With an average price of ¥10,193,536 per asset, the ¥250 million worth of Bitcoin is equivalent to approximately $1.59 million, which is an addition to its previous value of 117.7 units of Bitcoin. The press release states that the corporation will revalue its long-term bitcoins at their original cost, and its short-term bitcoins at the quarterly market value.
Depending on the circumstances, the corporation will record unrealized profits or losses as non-operational income and promptly communicate any significant implications for quarterly earnings. Following a previous investment of ¥200 million in Bitcoin, which was valued at around $1.25 million, this most recent acquisition has taken place.
Following the announcement in April, the business plans to expand its holdings to a maximum of $6.25 million, taking inspiration from Michael Saylor’s MicroStrategy. The company views Metaplanet’s progress towards Bitcoin as a testament to the financial markets’ flexibility and innovation.
The cryptocurrency community has praised the corporation for its recent positive position, which occurred at a time when the market was thriving with institutional inflows. As a result of institutions’ heightened hunger for Bitcoin and other crypto assets this year, a bull run has occurred in the cryptocurrency market itself.
Bitcoin is currently trading at $68,249, representing a decrease of 2.85% over the course of the previous twenty-four hours. A swing in the cryptocurrency market’s sentiments sparked a bullish increase, but the asset has recently experienced a correction.
Despite this, market observers anticipate that the asset will reach new highs, which indicates that the Federal Reserve may reduce interest rates later this year. Bitcoin reached an all-time high of more than $73,000 in the first quarter of 2024, following the approval of a spot Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC).