The early-stage Japanese investment company Metaplanet has continued its Bitcoin (BTC), buying spree. The company announced today that it has purchased 619.7 BTC for $61 million – including fees and other expenses – making it the firm’s largest Bitcoin acquisition to date.
Metaplanet’s BTC Holdings Increase to 1,762
Metaplanet does not seem to be bothered by the recent decline in crypto markets from their all-time-highs. The Tokyo-listed company made its biggest BTC purchase yet, purchasing 619.7 BTC at a cost of $ 61. million, or an average price around $96,000.
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Metaplanet bought 97.9 BTC back in May, when it first began purchasing BTC. In the months since, Metaplanet has been buying BTC, except in September. crossed The 1,000 BTC mark was reached in November. Metaplanet has now acquired 1,762 Bitcoins at an average cost of $75,600.
This $61 million acquisition is almost double the previous Metaplanet largest purchase, which was in November worth around $30 million. It has been nicknamed “BTC” for its constant accumulation of BTC. “Asia’s MicroStrategy,” The US-based firm of business intelligence known for aggressive Bitcoin purchases.
The BTC sale today comes just a week after Metaplanet had raised $60.6 Million through the issuance of two bonds for the purposes of “accelerating BTC purchases.” Metaplanet has also increased its BTC reserve to the 12th largest among all publicly traded firms in the world.
According to Metaplanet’s official announcement, its BTC Yield – a proprietary metric used to measure the performance of its Bitcoin acquisition strategy – stood at 310% from October 1 to December 23. The company stressed that the strategy has been designed to be scalable. “accretive to shareholders.”
Metaplanet stock closed at $22.5 today, a decrease of 0.98%. On a year to date basis, Metaplanet’s stock price has risen by 1,982%. This reflects the benefits that the Bitcoin-centric company will reap in the future.
Bitcoin Supply Crunch To Hasten Adoption?
Bitcoin has a maximum total supply of 21 million units, which makes it a store of value that is resistant to inflation. According to a recent study, Bitcoin’s maximum supply is limited at 21 million. This has solidified its reputation as an inflation-resistant asset. report Highlights that BTC exchange supply has reached multi-year lows. This indicates that holders are withdrawing BTC more and more from the exchanges. The circulating supply is reduced, which could drive prices up.
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Bitcoin’s scarcity has triggered an unofficial race among corporations – and possibly even governments. Bitcoin mining company Hut 8 was recently a part of this race. purchased The company bought 990 BTC worth $100 million to increase its holdings up to 10,000 BTC. MARA is another Bitcoin miner. acquired It held 34,794 BTC worth of BTC as at the beginning of this month.
Further speculations are being made about the possibility of a US Bitcoin strategic reserve. strengthening BTC’s story of the supply crunch could accelerate adoption. BTC was trading at $94.003 as of press time. This is down 1.5% from the previous 24 hours.
Charts from Yahoo! Finance and Tradingview.com
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Source: www.newsbtc.com
