MetaPlanet buys 1,111 bitcoins for $117 million, total holdings surpass 11,000 bitcoins.
Tokyo-based hotel company MetaPlanet has further consolidated its Bitcoin investment by purchasing 1,111 bitcoins, worth approximately $117 million.
The company purchased these bitcoins at an average price of approximately $105,681 per coin.
With this recent purchase, MetaPlanet now owns a total of 11,111 bitcoins, worth a total of over $1.1 billion, with the company’s total purchase price averaging approximately $95,700 per bitcoin.
The crypto market saw a decline in the price of Bitcoin last week after the US military attacked several nuclear sites in Iran, falling to as low as $98,000 at one point.
However, the price of Bitcoin has since recovered and has surpassed $101,000 at the time of publication of the news.
MetaPlanet’s strategy is part of its ongoing Bitcoin acquisition strategy, which has established it as a consistent investor in the cryptocurrency market.
The company has expressed its intention to hold its investments for the long term, and its average Bitcoin purchase price shows that it is moving towards its target regardless of market fluctuations.
This development comes at a time when uncertainty prevails in the global crypto market, but major investors still see cryptocurrencies as a reliable investment.
MetaPlanet's purchase of such a large number of Bitcoins indicates that it is expecting the price of Bitcoin to increase in the future and wants to consolidate its assets in the digital currency.