Asias Microstrategy Metaplanet Adds Another $7 Million To Its Bitcoin Treasury, Taking Holdings To Over $40 Million
Tokyo-listed investment firm Metaplanet is unlikely to stop its aggressive Bitcoin buying spree soon as it announced its latest purchase of the worlds largest crypto by market cap on Monday. The company said it had acquired an additional 108.8 BTC for nearly $7 million.
Another Metaplanet Trendsetting Move
Metaplanet adopted Bitcoin as a strategic treasury reserve asset in May, and thus far, it has continued to scoop up BTC at least twice a month. This latest acquisition came as the BTC price gained over 6% from its recent low of $59,820 on Oct. 3 to a monthly high of $64,449.65 on Oct. 7., signaling a bullish start to the week.
By topping up its bag, the entire Metaplanet portfolio now comes in at 639.5 BTC, equivalent to approximately $40.6 million at current prices. Its currently the largest holder among publicly traded Asian firms after Hong Kong-based Meitu, as per data tracked by Bitcoin Treasuries. Metaplanets Bitcoins were acquired for just shy of 6 billion yen at an average purchase price of 9.3 million yen per BTC.
Metaplanet has been dubbed Asias MicroStrategy after the American software firm that pioneered the Bitcoin treasury reserve strategy, even though Metaplanets cache currently pales in comparison to that of its role model. Tysons Corner, Virginia-based MicroStrategy currently holds over 252,200 BTC worth $15.9 billion and is the worlds largest corporate holder of the premier cryptocurrency.
Ultimate Gameplan
With the steady accumulation of Bitcoin, the plan is to HODL (hold on for dear life) until the crypto reaches unprecedented price points. MicroStrategy has been purchasing BTC since 2020, and its Executive Chairman Michael Saylor has made it clear that he has no intentions of selling the asset anytime soon, or ever.
Companies like MicroStrategy and Metaplanet are devoted to HODLing Bitcoin for the long haul. While some investors are often remarkably ruffled by the frequent crypto market drawdowns, these firms see it as an opportunity to stock up more of the asset.
Bitcoin has shed 1.6% of its value over the past 24 hours to trade hands at $62,494 at the time of writing.
Text source: ZyCrypto
