Metaplanet Buys Additional Bitcoin as Price Breaks Above $67K

• Metaplanet has concluded its $6 million Bitcoin accumulation strategy.
• The development coincided with Bitcoin’s steady rally over the weekend.
• Various factors could be attributed to Bitcoin’s renewed momentum.

Japanese investment firm Metaplanet’s share price rose over 20% early Monday after it disclosed its latest Bitcoin acquisition, worth over a million.

Metaplanet’s Bitcoin accumulation strategy gathered pace in June when the company raised $6.2 million through bond issuance to bolster its BTC treasury with a series of new purchases. The company had 141.07 BTC on its balance sheet before this move.

Metaplanet’s Latest Bitcoin Purchase

In a notice issued on July 22, Metaplanet said it had concluded its $6.2 million Bitcoin acquisition plan with an additional purchase of $1.2 million (200 million yen) worth of the crypto asset. This represented 20.381 BTC.

The Tokyo-listed firm bought 104.919 Bitcoins using funds raised through last month’s bond issuance. These Bitcoins were acquired at an average price of $60,889 (9,531,162 yen) per BTC.

Per the notice, Metaplanet’s total Bitcoin holdings now stand at 245.992, bought at an average price of $63,636 (9,959,687 yen) per BTC. The aggregate purchasing amount for the entire holdings is $15.67 million (2.45 billion yen).

Metaplanet’s latest Bitcoin acquisition follows BTC’s steady rally over the weekend, which saw it break above the $68,000 resistance level on Sunday at 11:30 PM (GMT+3).

Bitcoin Price Action

According to CoinMarketCap data , Bitcoin’s price peaked at $68,418 early Monday after gaining nearly 1% over the last 24 hours. The crypto asset has since pared some gains to exchange hands at $67,340 as of press time.

Several factors could have pushed this rally, including increased institutional interest and confidence in Bitcoin, evidenced by the massive inflows into spot ETFs tracking the crypto asset’s price. U.S.-listed Bitcoin ETFs extended their positive inflow streak to an 11th day on Friday with $383.6 million, SoSoValue data shows.

Bitcoin’s price surge also appears to be influenced by President Biden’s decision to drop out of the presidential election race and endorse Vice President Kamala Harris to replace him as the Democratic Party’s nominee.

This could have prompted optimism across the crypto industry, given that the Biden administration was firmly against digital assets.

Read how the crypto industry has staked its hope with Donald Trump:
Crypto Industry Bets on Trump to “Reset” SEC’s Regulation Policy

Stay updated on the crypto market comeback during the weekend:
Crypto Makes a Comeback as Major Coins See Double-Digit Gains