Bitcoin’s Price Is Way Up. And $48 Trillion in Wealth Just Got Access
08:42Bitcoin Ecosystem Developments in 2023 as BTC Hits Fresh 2023 High01:10Bitcoin Extends Rally as $1B in BTC Withdrawals Suggests Bullish Mood1:02:43Why Financial Advisors Are So Excited About a Spot Bitcoin ETF02:21When Could Traders See the Arrival of a Spot Bitcoin ETF?Metaplanet (3350), a publicly listed Japanese investment adviser, said it bought more than 20.2 bitcoin (BTC) as part of a $6 million strategy to boost BTC holdings in its treasury.
In a statement on its website, the Tokyo-based company said it bought 200 million yen ($1.2 million) worth of bitcoin, taking its total holdings to 161.3 BTC. It posted a statement about the purchase to its account on social media platform X shortly after the close of trading on the Tokyo Stock Exchange.
A week ago, the company said it planned to increase its bitcoin holdings by buying an additional $6 million worth of BTC. At the time, it already owned $9 million worth of the world's largest cryptocurrency by market cap. The focus on bitcoin was engendered by changes in the investment environment resulting from the Covid pandemic, according to the Metaplanet website.
The bitcoin-accumulation strategy mirrors the approach taken by Tysons Corner, Virginia-based software developer MicroStrategy, which has been buying BTC for almost four years and now owns over 226 BTC, more than 1% of the entire number of bitcoin that will ever be issued.
Metaplanet shares rose 1% before the announcement.
Edited by Oliver Knight.