Bitcoin Investment: Metaplanet Boosts Holdings to 1,761 BTC as Price Drops Below $95,000

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Growing Legislative Support Accelerates Efforts to Hold Bitcoin in National Reserves

  • Metaplanet acquired 619.7 BTC, increasing its holdings to 1,761.98 BTC.
  • Bitcoin trades at $94,106.94, with a 1.72% daily decline and 24-hour trading volume surging by 21.17%.
  • Metaplanet funded the acquisition through a $60.6 million bond issuance.

Tokyo-based investment firm Metaplanet Inc. raised its BTC holdings with a new purchase of 619.7 BTC. The purchase, valued at approximately $58.9 million, fetches the company’s total holdings to 1,761.98 BTC. At present market rates, these additions are valued at $167.1 million.

Recent Bond Issuance Funds Bitcoin Purchase

Metaplanet started adopting BTC as part of its treasury reserve strategy in May. Since then, the firm has increased its investments. The recent gain in its reserves follows Metaplanet’s recent bond issuance, which raised 9.5 billion yen ($60.6 million), as noted by Michael Saylor. 

The funds were allocated to improve Bitcoin acquisitions, stretching the firm’s dedication to digital assets as an asset. The average purchase price for the newly acquired Bitcoin was 15.3 million yen ($97,786) per coin.

Market and Stock Performance

Even after the purchase was made, Metaplanet’s stock fell by 0.98% on Monday, locking at 3,540 yen ($22.52). However, the firm’s stock has surged by approximately 1,982%, according to Yahoo Finance data.

CoinMarket Cap data shows that Bitcoin trades at $94,106.94, recalling a 1.72% daily decline. The market cap reads at $1.86 trillion, drawing a 2.10% decrease. Over the past 24 hours, the trading volume surged by 21.17%, reaching $59.65 billion. The fully diluted valuation (FDV) is listed at $1.97 trillion. 

Source: CoinMarket Cap

BTC’s circulating supply remains at 19.8 million BTC, nearing its maximum supply of 21 million BTC. The one-day chart indicates price fluctuations, with a peak at $95,730 and declines throughout the day.
Ether also saw a drop of 1.2%, settling at $3,292. The Block’s GMCI 30 Index, which monitors the top 30 cryptocurrencies, fell by 0.93% during the same period. Metaplanet’s Bitcoin holdings are meaningful, but MicroStrategy remains the largest public corporate Bitcoin holder with 439,000 BTC.

The post Bitcoin Investment: Metaplanet Boosts Holdings to 1,761 BTC as Price Drops Below $95,000 appeared first on Crypto News Land.

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