Metaplanet Acquires Another $1.34 Million Bitcoin Amid Price Uptick

Japanese publicly traded company, Metaplanet, has fulfilled another Bitcoin order, adding more than 20 BTC (worth about $1.34 million) to its growing portfolio. This latest purchase comes against the backdrop of a major uptick in the price of Bitcoin.

According to fresh data, the flagship cryptocurrency has exhibited impressive gains over the last week, growing by more than 7%. Metaplanet’s venture into cryptocurrency is strategic as it aims to use it as a hedge against the failing Japanese yen. Interestingly, Metaplanet’s aggressive Bitcoin purchase has led to a surge in its stock price by almost 20% in one day.

Metaplanet Purchases 20.38 BTC

In a recent press release dated July 22, the hotel development and operations company informed the public that it had added another 20.381 BTC, worth 200 million yen to its holdings. This major update comes as a breath of fresh air to the crypto community who perceive the action as bullish and confident in the future outlook of the coin.

While the German government was offloading its BTC holdings, Metaplanet has been increasing its portfolio. The latest purchase was made at an average price of 9,813,061 yen or $62,632 per Bitcoin. Since June, Metaplenat has added a total of 104.9 BTC bought at an average price of 9,531,162 yen (or $60,804) and an aggregated amount of 1 billion yen (approximately $6.4 million).

According to the statement issued by the company, the planned purchase of 1 billion yen worth of Bitcoin has been completed. Consequently, Metaplanet now positions as the 21st global largest Bitcoin holder with 245.992 BTC and an aggregated purchase amount of 2.45 billion yen ($15.6 million)

Recall that in June, Metaplanet announced its plans to purchase Bitcoin by investing 1 billion yen in the cause. Per the information provided at the time, the money to be used for the purchase will be raised through bond sales. Metaplanet alongside other top firms in Japan has moved to cryptocurrencies, particularly Bitcoin as a hedge, citing macroeconomic issues in the country including the failure of the legal tender, the yen.

At press time, the price of BTC is enjoying a 0.72% gain over the last day, changing hands at $67,208. Moreover, following the improved investor sentiment in the market, BTC has seen more than a 7% gain in the last seven days and a notable 4.56% increase over the last month.