by - Metaplanet buys another $3.3 million worth of BTC.
- The latest purchase is part of the company’s Bitcoin accumulation strategy.
Over the past seven months, major crypto companies have been banking on Bitcoin to boost their stocks.
Amid increased institutional interest as companies bet on Bitcoin’s future value, Japanese company Metaplanet has embarked on a buying spree to accumulate as much BTC as possible.
Metaplanet buys 500 million yen worth of BTC
Source: X
Less than a week ago, Metaplanet secured a 1 billion yen loan to acquire more BTC. The company’s CEO, Simon Gerovich, shared on his official X page (formerly Twitter):
“Always use #bitcoin.”
The latest acquisition is part of the company’s strategy to accumulate BTC. The company hopes to invest its future value in something like American company MicroStrategy’s BTC holdings.
Metaplanet’s BTC Strategy
As AMBCrypto previously reported, Metaplanet has been on a buying spree to increase its total BTC holdings through long-term accumulation.
The recent purchase of 57,103 bitcoins worth $3.3 million brings the company’s total BTC holdings to 303.95 bitcoins worth $18 million. The purchase is part of several purchases over the past few months.
On May 28, the company bought $1.6 million worth of BTC. In July, it bought 19.87 BTC worth $1.7 million. In June, it bought $1.59 worth of Bitcoin.
With a further purchase of 21,877 BTC, the company has ensured a continuous accumulation and holding of BTC.
Effects on metaplanets
Source: Google Finance
Metaplant’s Bitcoin strategy in particular has made the Japanese one of the most important players among global institutions.
According to data from CoinGecko, Metaplanet was ranked 20th among the largest institutional BTC holders.
This strategy paid off, as the company’s shares rose exponentially. According to Google Finance, the price has increased by 82.87% in the last five days.
This increase has caused the stock to rise by 600.63% year-to-date. This increase shows that the strategy is paying off for the company.
Metaplanet has seen a significant rise over the past seven months and given the projected BTC value, this accumulation is likely to make the company a major player.
Source: Market Screener
