U.Today – Metaplanet Inc, the Japanese firm now recognized as a copycat of MicroStrategy, has added new (BTC) to its portfolio. This is the second time the publicly traded company will buy Bitcoin this month.
Metaplanet’s Bitcoin stock exceeds 203 units
Metaplanet is one of the first companies to adopt Bitcoin in the Japanese financial market. In the latest update, the company said it has acquired an additional 42,466 Bitcoin for 400 million yen, or $2,485,280. Each of the BTC units was purchased for an average price of 9,419,300 yen, or $58,534.36.
Judging from their previous purchases, this accumulation is considered a significant discount purchase for the firm.
Since its last purchase, the price of Bitcoin has fallen by 11.2%, creating a very good entry point for the firm. Buying Bitcoin as a publicly traded company is an important validation of the currency’s ability to grow. While it has learned from MicroStrategy’s playbook, Metaplanet’s aggressive buying has been noted.
With its series of purchases, the firm now owns a total of 203,734 units of Bitcoin, acquired for a total of 2.05 billion yen, or $12,743,107.50.
Ultimate Game Plan
With Bitcoin being constantly accumulated, the goal is to hold them in reserve until the asset reaches unprecedented price levels. MicroStrategy has been buying Bitcoin since 2020, and after all this time, it has only sold its Bitcoin reserve once.
Entities like Metaplanet are committed to holding Bitcoin for the long term. While many traders are concerned about the frequent fluctuations in the market, as we have seen this month, MicroStrategy and Metaplanet see it as a new avenue to buy the currency.
At the time of writing, the Bitcoin price is trading at $56,139.52, down 2.22% over the past 24 hours. It is unclear whether MicroStrategy will take advantage of this drop anytime soon; however, Metaplanet’s move remains a topic of conversation for the ecosystem.
This article was originally published on U.Today