Japanese company Metaplanet announced its latest Bitcoin acquisition. This purchase coincides with the overall cryptocurrency market rebounding from recent lows. This reflects that despite market volatility, institutional investors remain confident in Bitcoin.

Metaplanet's latest purchase of Bitcoin

Metaplanet disclosed that it has additionally purchased 463 bitcoins at an average price of about $115,895 each, totaling an investment of approximately $53.7 million. Thanks to this acquisition, the company's total Bitcoin holdings have now reached 17,595, valued at about $1.78 billion. The company's Bitcoin yield of up to 459.2% so far this year demonstrates the effectiveness of its capital management strategy.

This acquisition of 463 bitcoins follows Metaplanet's purchase of 780 bitcoins a week ago, valued at approximately $92.5 million. The company's continued buying activity keeps it as one of the largest public holders of Bitcoin in Asia and a strong challenger to the Strategy led by Michael Saylor.

It is worth mentioning that Strategy recently spent $2.46 billion to acquire 21,021 bitcoins, further expanding its massive Bitcoin reserve. This acquisition brings Strategy's total holdings to an industry-leading 628,791 bitcoins, with an average purchase cost of about $73,227 per bitcoin.

It is noteworthy that Metaplanet is also trying to raise up to $3.7 billion by issuing perpetual preferred shares. This proposal has sparked speculation among investors that larger-scale Bitcoin acquisitions may occur in the near future. The proposal will be discussed at the upcoming extraordinary general meeting (EGM).

Despite Metaplanet's aggressive acquisitions, the company's stock price has slightly declined. According to Yahoo Finance, as of Monday morning trading, the stock fell about 6% to 998 yen.

Bitcoin rebounds, market responds positively

The cryptocurrency market has rebounded from recent lows, gaining new momentum. After Bitcoin's price briefly fell to around $111,800 over the weekend, it has rebounded nearly 1%, hovering around $114,594.

Previously, the market experienced a sell-off due to risk-averse sentiment, and this rebound was initially triggered by weaker-than-expected U.S. non-farm payroll data (new jobs at 73,000, expected at 190,000). Nevertheless, institutional and long-term investors view this decline as a highly attractive buying opportunity, bringing new capital inflows into the market.

Further enhancing the optimistic sentiment is the market's current expectation of an 89.1% chance that the Federal Reserve will cut rates by 0.25% in September. Analysts believe this could increase Bitcoin's appeal as a hedge against dollar depreciation.

Currently, Metaplanet has accumulated 17,595 bitcoins and has no intention of slowing down its 'Bitcoin-first' strategy. If approved, this round of $3.7 billion funding will pave the way for one of the most significant single acquisitions in Bitcoin enterprise history.