Metaplanet Inc., a Japanese investment firm, has expanded its portfolio by buying 107.913 Bitcoin for about 1 billion yen ($6.9m) in the cryptocurrency market. This latest acquisition is again a testimony that the firm has continued faith in Bitcoin, which is currently the most popular global cryptocurrency.
The Tokyo-listed firm noted that it bought Bitcoins at an average of 9.26 Million Yen or $64, 168 per Bitcoin which resulted to Metaplanet having 506.745 Bitcoins. With today’s prices, the two hold about $32.2m in Bitcoins.
Metaplanet’s 4.75 Billion Yen Investment Highlights Long-Term Confidence in Crypto
In its filing, Metaplanet revealed it has bought 325 Bitcoins in the total amount of 4.75 billion yen wherein each Bitcoin is bought at 9.37 million yen or roughly $64,931. This acquisition strategy is in line with the company’s long-standing policy of bullish trends in the cryptocurrency market.
Institutional Adoption of Bitcoin Continues
It also underlines the trend of the new institutional Bitcoin adoption putting Metaplanet among the giants, such as MicroStrategy which possesses 252,220 BTC, and Marathon Digital Holdings with 26,200 BTC at the moment, as pointed out by BitcoinTreasuries.
Metaplanet’s Vision for the Future of Money
Metaplanet is eager for the future of money: Bitcoin, and that’s why it has strategically bought the virtual currency assets, and the firm placing itself as a major player on the new frontier of currency as money. In the light of increasing number of institutions’ adoption of Bitcoin, the future of digital currencies seems positive.
Also, Read @ Bitcoin Falls Below $62K
