Japan’s public-listed firm Metaplanet continued with its Bitcoin accumulation spree buying an additional 21.88 BTC earlier today for an estimated $1.26 million in total investments. This development comes as the Bitcoin price surged by an additional 4.5% on Monday, moving all the way closer to $65,000.
Metaplanet Builds Its Bitcoin Stack
Drawing a leaf from the playbook of MicroStrategy, Metaplanet has been slowly and steadily building its Bitcoin stack over the past two months. The Japanese firm has been consistently purchasing BTC every week implementing the effective strategy of Dollar-cost-averaging (DCA) during the recent Bitcoin correction.
Following today’s purchase, Metaplanet’s total Bitcoin holdings have surged past 225 BTC, valued at $14.55 million as of the current BTC price. Similar to MicroStrategy, Metaplanet has been also conducting bond sales to raise funds for BTC purchases.
*Metaplanet purchases additional 21.88 $BTC* pic.twitter.com/zCXzKFudog
— Metaplanet Inc. (@Metaplanet_JP) July 16, 2024
Today’s announcement has sent the Metaplanet share price soaring by more than 25.81% and is currently trading at 117 JPY. The company’s Bitcoin adoption strategy has provided a solid thrust to its stock which is up by more than 631% since the beginning of the year.
Metaplanet’s market cap is currently 17.5 billion JPY, with Bitcoin holdings on its balance sheet totaling 2.25 billion JPY. The percentage of Bitcoin in Metaplanet’s total assets is steadily increasing, and some market analysts predict it could exceed 100% soon.
Also Read: Metaplanet Boosts Bitcoin Strategy With 10:1 Share Consolidation
BTC Price Recovery
Over the past week, the Bitcoin price has staged a solid recovery gaining by a solid 13.3% and moving all the way closer to $65,000. A large part of this recovery has come during the last weekend after former President Donald Trump survived the assassination attempt during his election campaign rally.
On the other hand, strong institutional interest in Bitcoin has also contributed to giving a major push to the BTC price moving upwards. Strong inflows into the spot Bitcoin ETFs have dominated the market during the last week showing renewed institutional interest in the asset class.
On the other hand, with the global liquidity index taking a turn to the upside, analysts are predicting a parabolic bitcoin price rally going ahead.
Global Liquidity Index reflects #Bitcoin price.
We are about to go parabolic 🚀 pic.twitter.com/wb6wkjYR2Y
— Vivek⚡️ (@Vivek4real_) July 15, 2024
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
