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Tokyo-based investment firm Metaplanet has continued to accumulate Bitcoin (BTC). Earlier today, the firm announced purchasing additional coins, bringing its total holdings to 2,000 BTC.
Metaplanet buys more Bitcoin
In its latest filing, the firm said it purchased 269.43 BTC at an average of 14,846,322 yen per Bitcoin. At the current market price, this equates to approximately $25.8 million. With the latest purchase, Metaplanet now has 2,031.41 BTC, bought at an average price of 12,243,936 yen per Bitcoin.
Alex DovbnyaMetaplanet's recent purchase of Bitcoin reinforces its commitment to the leading digital asset. Despite its short-term volatility, the firm hopes for Bitcoin's future price movement.
In January, Metaplanet revealed a strategy to continue buying Bitcoin. The firm said it would issue 21 million new share subscription rights with a 0% discount rate to attract 116 billion JPY (roughly $745 million). According to Metaplanet, this will mark one of the largest Bitcoin purchases in Asian markets' history.
As highlighted in an earlier U.Today report, Metaplanet aims to hold 10,000 BTC in its Bitcoin reserve by the end of 2025. By the end of 2026, the firm hopes to double its target to 21,000 BTC. If achieved, this goal would solidify Metaplanet's position as one of the leading global corporate holders of Bitcoin.
How Bitcoin is reacting
The price of Bitcoin is currently moving downward amid a pessimistic outlook in the broader market. Within 24 hours, it declined by 1.24% to trade at $96,119.
Tomiwabold OlajideHowever, the trading volume is up 28.8% to $20.2 billion, suggesting rising investor interest. This means that positive market momentum could ignite a recovery in the price of the flagship coin.
Market experts believe the prospects of BTC are positive, considering the massive institutional adoption. Firms like Strategy, Semler Scientific and Riot Platform continue to double down on new Bitcoin purchases.
Dan Burgin
Vladislav Sopov