Metaplanet, a leading investment firm in Japan, has bought an additional $1.2 million worth of Bitcoin, equivalent to 200 million Japanese Yen.
The recent purchase of 21.88 BTC comes amid a bold recovery across the cryptocurrency market. The majority of the cryptocurrency market has turned green this week, with the recovery coming after a week of fear triggered by intense government selling.
Metaplanet Buys Another $1.2M Bitcoin
Metaplanet’s recent purchase has brought the investment firm’s total BTC holdings to 225.6 BTC, valued at over $14 million.
This marks the third Bitcoin purchase by the investment firm this month. On July 1, Metaplanet invested $1.2M to purchase around 20 Bitcoin. Another purchase happened on July 7, when the firm bought 42.46 BTC, valued at $2.5 million.
The average BTC purchase price by the investment firm now stands at $62,890, meaning they have made a slight gain from their investment.
The recent purchase coincided with Bitcoin’s price increase, seeing the firm’s shares post a significant gain. Data from Google Finance shows that Metaplanet stock gained over 10% on July 16. The share price has surged nearly six times since the firm started purchasing Bitcoin in April this year.
Metaplanet’s Bitcoin strategy coincides with that of MicroStrategy, one of the largest Bitcoin holders globally. MicroStrategy started buying Bitcoin in 2020 and includes it in its balance sheet.
MicroStrategy’s most recent Bitcoin purchase was late last month, with the company buying over $700 million worth of Bitcoin, bringing its total holdings to more than $8 billion.
Metaplanet has been acquiring Bitcoin to hedge against the debt burden in Japan. The poor economic outlook in Japan has affected the performance of the country’s currency, which is weakening compared to its global counterparts.
Bitcoin Inflows Surge Despite Recent Dip
Bitcoin has made a bold recovery in the last 24 hours. BTC has gained slightly by around 1.1% in the last 24 hours to trade at $63,654 as of 02:20 a.m. EST.
The recent recovery comes after BTC dropped to a two-month low below $55K last week. Despite the price dip, data from CoinShares shows that institutions and whales were accumulating.
A recent report by Coinshares revealed that inflows into digital asset investment products totaled $1.44 billion last week. The total year-to-date inflows into crypto products now stand at over $17 billion, notably higher than the $10.6 billion posted during the 2021 bull market.
Besides purchases by institutions, large traders have also been gaining exposure to BTC through spot Bitcoin exchange-traded funds (ETFs).
Data from SoSoValue shows that on July 15, Bitcoin ETFs posted their seventh consecutive day of inflows. Inflows to spot Bitcoin ETFs reached $301 million on Monday, further supporting Bitcoin’s positive price action.
