Japanese investment company Metaplanet has significantly boosted its Bitcoin holdings with the acquisition of approximately 38 more BTC, valued at around 300 million yen ($2 million).
This latest purchase brings Metaplanet’s total Bitcoin assets to 398 BTC, equivalent to roughly 3.75 billion yen ($26 million). The firm continues to demonstrate strong confidence in Bitcoin’s potential.
The new Bitcoin acquisition comes as the market shows signs of recovery, with Bitcoin (BTC) rising by 3.12% in the last 24 hours to reach $56,732, recovering from a low of about $52,700 earlier in the week.
Following the announcement, Metaplanet’s shares increased by 4.42% on Tuesday, trading around 1,086 yen, though they had earlier peaked at approximately 2,000 yen. In contrast, the Nikkei 225 index saw only a slight uptick of 0.02%.
Metaplanet has been actively expanding its Bitcoin reserves, having first adopted Bitcoin as a strategic reserve asset in May, driven by Japan’s economic issues like high government debt, negative real interest rates, and a weakening yen.
Additionally, Metaplanet announced plans to exercise its rights to acquire series 11 shares, which is expected to generate about 299.7 million yen for further Bitcoin purchases.
Strategy, formerly known as MicroStrategy, has continued its aggressive Bitcoin accumulation, acquiring an additional 130 BTC for approximately $10.7 million.
South Korea’s central bank has ruled out adding Bitcoin to its national reserves, citing its extreme volatility as a key concern, according to a report by Korea Economic TV.
Bitcoin is struggling to break past $84,000, and with the U.S. stock market facing a sharp correction, bearish predictions are mounting.
A major Bitcoin investor has placed a high-stakes bet on a short-term price drop, committing hundreds of millions of dollars just as a crucial week of economic reports looms.