The Japanese company Metaplanet has revealed its latest acquisition of Bitcoin. This acquisition coincides with the beginning of a recovery in the cryptocurrency market as a whole from its recent lows. Regardless of market fluctuations, this demonstrates institutional confidence.
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With a total investment of approximately $53.7 million, Metaplanet announced that it has purchased an additional 463 Bitcoin at a price of around $115,895 per coin. As a result of this acquisition, the company currently holds 17,595 Bitcoin, equivalent to approximately $1.78 billion, in Bitcoin. The company's treasury management approach is reflected in a remarkable return on Bitcoin of 459.2% to date.
This deal, which amounted to 463 Bitcoin, closely resembles Metaplanet's recent transaction to purchase 780 Bitcoin, valued at approximately $92.5 million, which took place just a week ago. The company is a strong competitor to Michael Saylor's Strategy and one of the largest holders of Bitcoin in Asia due to its ongoing purchasing activities.
To clarify, Strategy recently spent $2.46 billion to add 21,021 Bitcoin to its massive Bitcoin inventory. With an average cost of approximately $73,227 per Bitcoin, Strategy's total holdings reached 628,791 Bitcoin, a leading figure in the field, with this transaction.
It is also important to note that Metaplanet is also seeking to issue perpetual preferred shares to finance an astonishing amount of $3.7 billion. This idea has renewed investor interest in the potential for increased Bitcoin purchases in the near future. This issue is set to be discussed at the upcoming extraordinary general meeting.$G