Metaplanet Adds to Bitcoin Holdings as Price Tops $67k

Metaplanet has completed its strategic initiative to accumulate Bitcoin, securing a total of $6.2 million in BTC

Metaplanet, a Japanese investment firm, experienced a 20% increase in its share price on Monday morning following the disclosure of its most recent Bitcoin acquisition, valued at over one million.

In June, Metaplanet’s Bitcoin accumulation strategy gained momentum as the company raised $6.2 million through bond issuance to strengthen its BTC treasury with a succession of new purchases. Before this transaction, the organization maintained a balance sheet balance of 141.07 BTC.

Metaplanet’s Latest Acquisition of Bitcoin

Metaplanet announced on July 22 that it had completed its $6.2 million Bitcoin procurement plan by purchasing an additional $1.2 million (200 million yen) of the crypto asset via a notice. This amounted to 20.381 BTC.

Using the funds raised through the bond issuance last month, the Tokyo-listed company acquired 104.919 Bitcoins. This Bitcoin was acquired at an average price of $60,889 (9,531,162 yen) per BTC.

Metaplanet’s total Bitcoin holdings are currently 245.992, as the notice indicates. These holdings were acquired at an average price of $63,636 (9,959,687 yen) per BTC. The total purchase for the full holdings is $15.67 million (2.45 billion yen).

Metaplanet’s most recent Bitcoin acquisition resulted from BTC’s consistent upward trajectory over the weekend, culminating in its breach of the $68,000 resistance level on Sunday at 11:30 PM (GMT+3).

Bitcoin Price Movement

Bitcoin’s price reached its highest point of $68,418 early Monday, as indicated by CoinMarketCap data, following a nearly 1% increase over the previous 24 hours. As of publication, the cryptocurrency has experienced a slight decline in value, trading at $67,340.

This rally could have been influenced by various factors, such as the substantial inflows into spot ETFs that monitor the price of Bitcoin, which are indicative of heightened institutional interest and confidence in the crypto asset.

SoSoValue data indicates that U.S.-listed Bitcoin ETFs extended their positive inflow streak to an 11th day on Friday, with $383.6 million.

President Biden’s decision to withdraw from the presidential election contest and support Vice President Kamala Harris as the Democratic Party’s nominee appears to have also contributed to the recent increase in Bitcoin’s price.

This could have incited optimism in the crypto industry, as the Biden administration opposed digital assets.