Metaplanet Buys Bitcoin Worth 500M Yen, Can It Overtake MicroStrategy?
Metaplanet, a publicly listed Japanese investment firm, on Tuesday said it has increased its Bitcoin holdings by 57 BTC after the recent purchase. The move comes days after the company announced a loan to purchase bitcoins worth 1 billion Yen.
Metaplanet On Bitcoin Buying Spree
The company known as ‘Asia’s MicroStrategy’ Metaplanet has purchased 57.103 BTC worth 500 million Yen ($3.3 million), as per an official announcement on August 13. The company purchased it at an average price of 8,756,107 yen per BTC.
The firm is on an aggressive Bitcoin buying spree as it recently raised 1 billion Japanese yen at just 0.1% APR. After the recent purchase, the firm still has 500 million Yen to buy more BTC. The total bitcoin holding of the firm has increased to 303.095 bitcoins worth 2.95 billion Yen.
The company is taking the full benefit of low interest rates in Japan to buy bitcoin after taking loans. It seems to be the best use of the Japanese Yen carry trades, which involves buying the Yen at a cheaper rate and purchasing other assets in the global market.
Source: Metaplanet
MicroStrategy Plans To Buy $2 Billion In Bitcoin
It is obvious that Metaplanet is adopting MicroStrategy’s playbook for its BTC acquisition. Other companies such Marathon Digital and have also followed the US-based largest Bitcoin holder’s strategy to add bitcoins to their balance sheet.
Recently, MicroStrategy announced a plan to raise as much as $2 billion to buy more bitcoins. The company to raise these funds by selling MSTR class A shares. It currently holds 226,500 Bitcoin worth nearly $14 billion, depending on market fluctuations.
MSTR price closed 2.89% lower at $131.46 on Monday. The price has dropped over 18% in a month amid Bitcoin volatility and uncertainty recently.
BTC price is currently trading at $58,937, up 1% in the last 24 hours. The 24-hour low and high are $57,860 and $60,680, respectively. Furthermore, the trading volume has decreased by 24% in the last 24 hours, indicating interest among traders. However, an analysis by CoinGape indicated the formation of a Bitcoin death cross on the chart, which risks a crash in the price.
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Filed under: News - @ August 13, 2024 9:16 am