Metaplanet, a Japan-based Web3 company, has made headlines once again with its recent announcement of acquiring an additional 19.87 BTC, worth approximately $1.25 million. This move comes shortly after the company’s previous purchase of $6.25 million worth of Bitcoin towards the end of last month. While the latest acquisition is smaller in comparison, it still signifies Metaplanet’s commitment to establishing itself as a significant player in the digital asset industry.
According to a post on its X page, Metaplanet purchased the 19.87 BTC at an average price of 10,065,548 yen per Bitcoin, totaling 200 million yen. The company revealed in its ‘Progress of Disclosure’ that its total BTC holdings now stand at around 117.7 BTC. This investment strategy showcases Metaplanet’s confidence in Bitcoin’s growth potential, long-term viability, and its potential to be recognized as a legitimate asset.
In early April, Metaplanet announced its decision to embrace Bitcoin as its core treasury asset, further solidifying its position as a leader in the digital finance era and a pioneer in the adoption of virtual assets in Japan. The company stated, “Our transition to Bitcoin is a significant milestone in our mission to lead in the digital finance era and positions Metaplanet as a pioneer in the adoption of digital assets in Japan. Stay tuned!”
The shift towards Bitcoin by Metaplanet is not only significant for the company but also for the broader crypto community. It reflects a growing trend of institutional adoption of cryptocurrencies, which in turn strengthens Bitcoin’s legitimacy as a store of value and a hedge against inflation. The influx of large institutions into the crypto sector is expected to have a positive impact on the price of Bitcoin, potentially driving its value even higher.
Following Metaplanet’s announcement of its first Bitcoin acquisition, the company experienced a 90% surge in its stock price within 48 hours. Currently, its stock price has increased by over 3% in the last 24 hours, mirroring the positive influence of cryptocurrencies on the traditional financial market. Similarly, Bitcoin has seen a recovery from its previous slump, trading at around $62,000 with a 3% increase in the last 24 hours.
As more Web3 companies like Metaplanet move towards Bitcoin and other cryptocurrencies, the digital asset’s value and legitimacy are expected to continue to rise. The growing institutional interest in cryptocurrencies is reshaping the financial landscape and propelling Bitcoin towards mainstream acceptance and adoption.