Metaplanet becomes the 8th-largest Bitcoin holder after buying $117.9M worth, surpassing Galaxy Digital and Block Inc. with 8,888+ BTC.
Metaplanet, a Japanese investment company, has become the eighth-largest corporate bearer of Bitcoin in the world as part of its aggressive strategy to encourage the adoption of Bitcoin throughout Asia.
In a June 2 X post, Metaplanet disclosed that it had acquired an additional 1,088 Bitcoins at an average price of $108,400 per coin, resulting in a total of $117.9 million.
According to Bitbo data, the most recent acquisition has increased Metaplent’s total holdings to over 8,888 BTC, making it the eighth-largest corporate Bitcoin holder in the world.
This surpasses Block Inc.’s 8,485 BTC and Galaxy Digital Holdings’ 8,100 BTC.
Large corporate purchases at prices exceeding $100,000 per BTC indicate an increase in institutional confidence in the current bull market cycle.
The decision is made in the context of increasing financial uncertainty, particularly in Japan’s bond markets.
André Dragosch, the director of European research at Bitwise Asset Management, stated to Cointelegraph that Bitcoin could reach new highs by the end of the year due to ongoing instability.
“The default probability for Bitcoin is already exceeding $200,000 based on the current default rate across all of these G20 sovereign bonds,” he informed Cointelegraph.
Government bonds are generally regarded as safe-haven assets.
Nevertheless, a significant yield increase frequently indicates investor apprehensions regarding repayment risk and fiscal sustainability.
Bitcoin Experiences Decline Following Its Record-Breaking Peak
Cointelegraph data indicated that Bitcoin reached an all-time peak of over $112,000 on May 22 before retracing to $105,464 at the time of writing.
Analysts from Bitfinex informed Cointelegraph that the consolidation following the all-time high was a “healthy” development that can establish a “sustainable foundation” for the subsequent upward movement as leveraged positions reset and spot demand consolidates.
“Bitcoinʼs ability to continue to consolidate above its short-term holder cost basis around $95,000 remains key.”
“The upcoming weeks will likely determine whether Bitcoin’s most recent breakout was a local high or the precursor to a more aggressive upward trajectory in Q3,” stated the analysts.
In the interim, confident analysts are apprehensive about the possibility of a Bitcoin proxy stock bubble forming.
This is because Metaplanet’s Bitcoin premium has increased to $596,000, which translates to the fact that the firm’s stockholders are paying over five times the actual price of BTC by investing in Metaplanet stock.
