Metaplanet Inc., a publicly traded Japanese company, has significantly bolstered its Bitcoin (BTC) assets by acquiring an additional 57.103 Bitcoins. Crypto YouTuber Crypto Rover highlighted that Metaplanet recently invested around 500 million yen ($3.3 million). This brings their total Bitcoin holdings to about 303,095 BTC, valued at nearly 3 billion yen. Metaplanet’s recent move reaffirms the company’s commitment to its Bitcoin strategy, as outlined in their recent financial maneuvers.
The purchase aligns with Metaplanet’s previously announced plan involving a 1 billion yen loan, which was disclosed on August 8. Simon Gerovich, CEO of Metaplanet, emphasized that this acquisition is part of the company’s broader strategy to deepen its Bitcoin investment. This purchase follows a trend seen among institutional investors who are increasingly adding Bitcoin to their portfolios as mainstream adoption of the cryptocurrency continues to rise.
Institutional interest in Bitcoin has been evident with several prominent players making notable moves. For example, Marathon Digital Holdings Inc. (NASDAQ: MARA) announced plans to offer $250 million in senior convertible notes to acquire more Bitcoin. Additionally, companies like MicroStrategy and Tesla have remained committed to holding Bitcoin through various market cycles, demonstrating long-term confidence in the asset.
Furthermore, US spot Bitcoin ETF issuers reported a net cash inflow of about $28 million on Monday, reflecting growing investor appetite. On-chain data also indicates that institutional investors have accumulated over $1.3 billion in Tether USDT since early August, suggesting increased purchasing power in the crypto space.
Metaplanet Inc. Expands Bitcoin Holdings with New 42.47 BTC AcquisitionDespite these bullish indicators, Bitcoin’s price action remains somewhat muted. As per analysis by Peter Brandt, Bitcoin is consolidating within an inverted triangle formation, with no definitive breakout in sight. The cryptocurrency closed the previous week with a dragonfly Doji candlestick, hinting at a potential rebound as bullish sentiment seems to strengthen.
Additionally, Bitcoin’s price recently bounced off the 200-week Moving Average (MA). The Relative Strength Index (RSI) is also attempting to rise above the 50 percent mark. These technical signals suggest that the cryptocurrency might be poised for a rebound, aligning with the general positive outlook among institutional investors. As at press time, Bitcoin is trading at $58,957.38, with a 24-hour trading volume of $34,857,174,288, marking a 0.96% increase in the last 24 hours.
