As the price of Bitcoin fell below $54,500, Metaplanet purchased an additional 42.47 Bitcoins, worth 400 million yen.
Interestingly, the Bitcoin buying comes as the BTC price dropped below $54,500 earlier today.
Japanese company Metplanet has made a strong shift by adopting a Bitcoin accumulation strategy. Hence, it is also popularly known as Japan’s micro-strategy. Metaplanet is expanding its Bitcoin investment strategy by establishing a new subsidiary in the British Virgin Islands. The move is aimed at strengthening its position in the cryptocurrency market and increasing its Bitcoin reserves as part of its long-term financial strategy.
With continued accumulation over the past month, Metaplanet has accumulated 203,734 bitcoins, with a total investment of 2.05 billion yen. Metaplanet's market value is currently 14.5 billion yen, and its Bitcoin holdings on its balance sheet are 2 billion yen. The proportion of Bitcoin in Metaplanet's total assets continues to rise, and some market analysts expect it to exceed 100% in the near future.
Dylan LeClair, Director of Bitcoin Strategy at Metaplanet, is the braid behind all these bold moves. In his latest podcast, Leclair said: “Japan’s favorable environment for Bitcoin adoption provides unique opportunities for corporate strategy and growth.” In addition, Leclair is also gaining popularity as the “Michael Saylor” of Metaplanet.
Metaplanet shares have recorded significant gains since the company adopted its Bitcoin strategy. After some volatility earlier today, Japanese shares rose 2.5% in the post-lunch trading session following news of the Bitcoin purchase.
Since the beginning of 2024, Metaplanet's share price has risen by 382%, with much of this being driven by the company's Bitcoin adoption strategy. Last month, Metaplanet's share price reached a high of 107 yen. It will be interesting to see if this rally can be further sustained.
The Bitcoin price has plunged another 5.8% in the past 24 hours, falling to an intraday low of $54,420. However, it has partially rebounded to $55,500 following Metaplanet’s purchase of BTC today.
