Japan’s Metaplanet buys 463 BTC worth $53.7M, raising total holdings to 17,595 BTC amid a broader crypto market rebound.
Metaplanet, a Japanese company, has revealed its most recent Bitcoin acquisition.
This purchase was made right before the cryptocurrency market as a whole began to recover from recent declines.
Institutional confidence, despite market volatility, is reflected in this.
Latest Bitcoin Purchase By Metaplanet
Metaplanet revealed that, for a total investment of roughly $53.7 million, it had bought an additional 463 Bitcoin at an average price of almost $115,895 per coin.
This buy has increased the company’s total Bitcoin holdings to 17,595 BTC, or approximately $1.78 billion.
The efficacy of the company’s treasury approach is demonstrated by its remarkable 459.2% year-to-date Bitcoin yield.
The most recent purchase of 463 Bitcoin comes shortly after Metaplanet’s earlier purchase of 780 Bitcoin, which was worth about $92.5 million, only a week earlier.
The company is one of the biggest public Bitcoin holders in Asia and a serious rival to Strategy, which is run by Michael Saylor, thanks to its steady purchasing activities.
To put things in perspective, Strategy recently spent $2.46 billion to add 21,021 BTC to its already enormous Bitcoin treasury.
This acquisition, which was made at an average price of about $73,227 per Bitcoin, increased Strategy’s total holdings to an industry-leading 628,791 BTC.
Also noteworthy is Metaplanet’s attempt to raise an astounding $3.7 billion through the issuance of perpetual preferred shares.
Investor rumors over the potential for much larger Bitcoin acquisitions have been fueled by the plan.
At a future Extraordinary General Meeting (EGM), it will be debated.
The stock price of Metaplanet decreased somewhat despite the company’s aggressive buying binge.
As of early Monday morning trade, the stock had dropped about 6% to ¥998, according to Yahoo Finance data.
Market Responds Favorably To Bitcoin’s Recovery
As the cryptocurrency market bounces back from recent lows, it has found new energy.
After briefly dropping to a weekend low of over $111,800, the price of bitcoin recovered by nearly 1% to hover around $114,594.
Initially triggered by weaker-than-expected U.S. nonfarm payrolls data (73,000 jobs added vs. forecasts of 190,000), the rally came after a risk-off sell-off.
Institutions and long-term investors, however, brought fresh capital to the market by viewing the downturn as an alluring opportunity to purchase.
Markets currently include an 89..1% possibility of a 0.25% Federal Reserve rate drop by September, which fuels the confidence.
As a potential hedge against a falling value of the US dollar, analysts say this might make Bitcoin more appealing.
With 17,595 BTC as of right now, Metaplanet has no plans to slow down its Bitcoin-first approach.
The projected $3.7 billion funding round might lead to one of the biggest single purchases in corporate Bitcoin history if it is allowed.
