Metaplanet, an early stage investment firm in Japan, purchased another $2 million of Bitcoins today. This purchase reaffirmed the company’s faith in Bitcoin as the world’s leading digital currency.
‘Japanese MicroStrategy’ Bolsters Its Bitcoin Reserves
It is a good idea to get in touch with someone who can help you. announcement Metaplanet announced that on the 10th of September 2024 it increased its crypto holdings to 38.464 BTC. This was purchased for about 300 million yen (about $2 million).
Metaplanet has now acquired 398.832 BTC, at a cost of 26 million dollars or 3.75 billion yen. This is a little more than $65,700 for each BTC.
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Bitcoin was trading at $57,159, an increase of 3.4%, in the 24 hour period. US Federal Reserve expected to begin rate cuts next Many people expect that the injection of liquid liquidity in the economy will benefit risky assets like Bitcoin.
The following is a list of data Google Finance reports that Metaplanet stock, listed in Tokyo, is trading for 1101 yen, or $7.7, up 5.87% during today’s session. Nikkei’s 225 index fell slightly, by just 0.16%.
Yesterday, Metaplanet disclosed It is expected that the management of this company will exercise its 11th series stock purchase rights. It is expected that the total amount of proceeds generated by exercise warrants will be approximately 299.7 millions yen (2.10 million dollars). These proceeds are expected to be used by the company to buy more BTC.
Metaplanet, a crypto company that has been around since May 2024, first announced its plans in this industry. embrace BTC was chosen as the company’s strategic treasury asset. The company at the time emphasized the new “Bitcoin-first, Bitcoin-only approach,” Similar to MicroStrategy’s approach.
Metaplanet is scheduled to launch in July 2024. increased It increased the number of BTCs it held by 20.195. The purchase price was $1.2M, according to market rates. Metaplanet has increased its total Bitcoin holdings by almost 400 BTC over the last few months.
Follow in the Footsteps of MicroStrategy
Metaplanet’s decision to use Bitcoin as an asset of strategic reserve is not a novel practice for publicly-listed companies. MicroStrategy in the US has touted Bitcoin as a reliable asset unlike any other institution.
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Michael Saylor of MicroStrategy will appear on 8 August 2024. revealed The owner of more than one billion dollars worth Bitcoin has no immediate plans to dispose of it. The current price of MicroStrategy is different from the one shown on this page. own Bitcoin holdings The 226,500 BTC is worth $13 billion.
Saylor predicted Bitcoin could reach $13,000,000/BTC by 2045. Saylor explained that BTC represents only 0.1% of global capital. BTC’s value could reach $13 million if this percentage reaches 7%.
It’s important to consider the challenges Bitcoin may face in the near future. All eyes are on the US Federal Reserve. next As well as the week, there is fears The BTC price could be adversely affected by reducing interest rates too fast and too drastically.
Chart from Tradingview, image by Unsplash.
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Source: www.newsbtc.com