Metaplanet Bolsters Bitcoin Treasury with $1.2M BTC Acquisition

• Metaplanet has purchased additional Bitcoin.
• The company has been acquiring BTC consistently over the past four months.
• The latest buy comes as Bitcoin’s price continues to struggle.

Japanese investment firm Metaplanet announced Monday that it had acquired additional Bitcoin at an average price of 9,419,300 yen ($58,495) per BTC.

The acquisition follows Metaplanet’s recent allocation of $6.2 million through bond issuance to purchase the world’s largest crypto asset by market cap for “long-term holding.” It marks the company’s fifth BTC purchase in the past four months.

Metaplanet Acquires Additional Bitcoin

In a notice issued on July 8, Metaplanet said it had bought $42.466 Bitcoins for an aggregate amount of $400 million ($2.48M). The purchase brings Metaplanet’s Bitcoin holdings to 203.734 BTC, all acquired for a total cost of 2.05 billion yen ($12.7M).

Metaplanet stated in May that its Bitcoin strategy responds to sustained economic pressures in Japan driven by prolonged periods of negative real interest rates, high government debt levels, and a “consequently weak yen.”

The company’s latest buy comes amid choppy Bitcoin price movements. The crypto asset’s price dipped below $55K for the second time in a week, trading at a low of $54,424 early Monday.

Increased selling from miners, waning inflows into ETFs, and reports of the German government disposing of seized Bitcoin could have contributed to the weeklong downward pressure on BTC’s price.

Defunct crypto exchange Mt. Gox is also set to distribute over $8 billion worth of the crypto asset to its creditors in stages, raising concerns regarding a potential supply wall that might rock the market.

As of price time, Bitcoin had pared some of the wobble to exchange hands at $57,585, CoinMarketCap data shows.

Read about MicroStrategy’s latest Bitcoin acquisition:
MicroStrategy Stacks Bitcoin Bag with 11.9K BTC Purchase

Stay updated on where this German MP wants a Bitcoin strategy for her country:
German MP Champions Bitcoin Strategy Amid Sell-Off Mess