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Metaplanet’s Bitcoin Acquisition

Metaplanet has emerged as one of the top 30 corporate holders of Bitcoin globally following its recent purchase.

On June 11, Metaplanet disclosed the acquisition of 23.25 Bitcoin for ¥250 million ($1.59 million), averaging ¥10,706,180 ($69,627) per Bitcoin. This transaction boosted the company’s total Bitcoin holdings to 141.07 BTC, bought for ¥1.45 billion ($9.2 million) at an average price of ¥10,278,391 ($65,365) per Bitcoin.

This marks Metaplanet’s third Bitcoin purchase in just three months. The company initially acquired 97.85 Bitcoin in April, followed by 19.87 BTC in May.

Metaplanet, a Japanese public firm offering hospitality and technology services, holds the distinction of being the first publicly traded company on the Tokyo Stock Exchange to invest in Bitcoin. Google Finance data indicates that this recent acquisition led to a 10% increase in its stock price, reaching ¥89.

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Bitcoin’s Institutional Adoption Trends

Metaplanet’s recent purchase aligns with the escalating trend of corporations integrating Bitcoin into their treasury reserves.

In recent developments, two firms – Semler Scientific and DeFi Technologies – procured nearly 1,000 BTC, citing the digital asset’s role as a hedge against inflation and safeguard against monetary devaluation.

Chris Kuiper, Director of Research at Fidelity Digital Assets, highlighted the strategic move by small and microcap companies to adopt Bitcoin early on. He emphasized that smaller entities exhibit a greater stake in Bitcoin compared to larger corporations, reflecting a trend observed in certain regions.

“What also stands out to me is the similar language in these press releases of noting bitcoin’s characteristics as an inflation hedge or protection from monetary debasement. Both also noted the perceived gap in value.”

Despite these notable acquisitions, the actions of MicroStrategy – the largest corporate holder of Bitcoin – overshadow those of other companies. MicroStrategy, under the leadership of Michael Saylor, commands a Bitcoin reserve exceeding 210,000 BTC, equivalent to over 1% of the total circulating supply of the digital asset.

Author: Andjela Radmilac

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