Japan-based investment firm Metaplanet has spent 200 million Japanese Yen to acquire more Bitcoin.
In a recent X post, the investment firm revealed it had purchased 20.38 BTC worth around $1.2 million. The recent purchase comes barely two weeks before the investment firm bought a similar amount of Bitcoin.
Metaplanet Buys Another $1.2M Bitcoin
The recent purchase of around 20 BTC by Metaplanet has brought the investment firm’s entire holdings to 245.99 BTC. The firm’s entire stash is now worth 2.45 billion yen, equivalent to around $15 million.
Metaplanet bought its Bitcoin holdings at an average price of around 9.9 million yen per BTC, or $63,400. Its holdings show that the firm holds less than $4,000 in profits at the current Bitcoin price of around $67,200.
The BTC purchases by this investment firm have positively affected the company’s stock price.
Data from Google Finance shows that in the last 24 hours, the Metaplanet stock has gained by around 19%. The stock’s year-to-date gains now stand at nearly 1,000%.
The investment firm is now being dubbed the MicroStrategy of Asia. MicroStrategy is a US-based investment firm that ranks as the largest corporate holder of Bitcoin. The firm holds over $8 billion worth of Bitcoin.
Metaplanet is buying Bitcoin to diversify its investment portfolio. The Japanese Yen has been posting a notable decline in value, with Bitcoin being used as a hedge against a depreciating currency.
The share value gain indicates that investors see much promise in using Bitcoin as a diversification strategy. Metaplanet could continue buying Bitcoin in the coming weeks to grow its stash.
Bitcoin Holds Steady at $67K
The recent purchase of additional BTC by Metaplanet comes as the king of cryptos continues to post a significant increase in value.
BTC was trading at $67,288 on July 22 as of 05:21 a.m. EST after posting a slight 0.6% gain in 24 hours.
The Bitcoin Relative Strength Index (RSI) at 47 shows a slight uptick in selling activity around the token. However, the token has yet to hit the oversold levels. Therefore, an influx of buyers could drive the prices higher.
Analysts already see much potential in BTC rallying to a new record high. Trader @Ali-Charts on X notes that Bitcoin holds critical support at $66,250, paving the way for a fresh all-time high.
Another analyst @CryptoMichNL notes that Bitcoin could start the rally towards record highs. The coin is back to trading in a range. If the current levels hold, more price gains could be coming.
Bitcoin created an all-time high above $73,000 in March this year, with the rally being driven by the approval of spot Bitcoin ETFs. At the current price, Bitcoin plans to make around a 9% gain for fresh highs to be attained.
