Tokyo-based investment firm Metaplanet has expanded its Bitcoin holdings with a fresh purchase of 108.786 Bitcoins, valued at approximately $6.7 million. CEO Simon Gerovich confirmed this acquisition via his X account, formerly Twitter, in a recent announcement. The firm’s total Bitcoin holdings now stand at $47.3 million, reflecting its commitment to a long-term Bitcoin investment strategy.
The latest purchase comes as Bitcoin trades at $63,419, following a 2.3% rise in value over the past 24 hours. Metaplanet has been increasing its Bitcoin reserves since it adopted a MicroStrategy-style strategy in May. The strategy mirrors that of MicroStrategy, a U.S.-based company known for making substantial Bitcoin investments.
Also Read: Metaplanet Inc. Completes 1 Billion Yen Bitcoin Acquisition Amid Market Volatility
Metaplanet Shares Surge Following Bitcoin Purchase
Following the purchase, Metaplanet’s stock skyrocketed by over 10%, proving that investors trusted the firm’s bold cryptocurrency approach. Gerovich has been a bullish investor on Bitcoin while earlier this month warning that institutions across the globe will one day have live Bitcoin on their balance sheet. He said it is no longer a question of whether but when Bitcoin will happen. This underscores a general perception emerging in the world that Bitcoin is not only an investment currency but also accepted as a financial instrument.
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This move also makes Metaplanet one of the most significant institutional participants in the Bitcoin market. The company’s strategy to emphasize its Bitcoin bet is in sync with a more significant phenomenon of companies tapping digital currencies to mitigate inflation or forex risk.
Long-Term Investment Plan
Metaplanet’s move to increase its Bitcoin holdings further demonstrates its strategic view of cryptocurrency investment. As Bitcoin’s value continues to climb, the company operates based on market situations that can benefit digital currencies. Other corporations also fancy Bitcoin, which could signal the next wave of institutional adoption.
Gerovich’s opinion on Bitcoin reflects the firm’s view of the value of Bitcoin in the future and how institutions and companies are looking forward to integrating the cryptocurrency into future investments.
Also Read: Metaplanet Inc. Increases Bitcoin Holdings Amid Economic Challenges
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.