Japan’s Metaplanet Increases Bitcoin Holdings By $2 Million, Here’s How Much BTC It Owns Now

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,113,585,922,372	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,113,585,922,372

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-785.58	-1.36%	56,878.95	56,878.95	56,878.96

Price Change

Price Change %

Current Price

Bid Price

Offer

-785.58

-1.36%

56,878.95

56,878.96

High Price	Low Price	Open Price	Prev. Close	52 Week Range
57,762.58	56,663.97	57,623.15	57,664.53	24,900.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

57,762.58

56,663.97

57,623.15

57,664.53

24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	04:36:40	0.000034	56,878.38	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

04:36:40

0.000034

56,878.38

USD

Price x Volume	Volume	Base Symbol	Related Pairs
109,837,510.06	1,924.97	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

109,837,510.06

1,924.97

Japan’s Metaplanet Increases Bitcoin Holdings By $2 Million, Here’s How Much BTC It Owns Now

10/09/2024 11:30pm

NEWSBTC

Japanese early-stage investment company Metaplanet purchased an additional $2 million worth of Bitcoin today, reaffirming the firm’s trust in the leading digital asset. ‘Japanese MicroStrategy’ Bolsters Its Bitcoin Reserves In an announcement on September 10, 2024, Metaplanet said it had increased its cryptocurrency holdings by 38.464 BTC, bought for approximately 300 million yen ($2 million). The latest purchase brings Metaplanet’s total holdings to 398.832, with a total aggregate cost of 3.75 billion yen ($26 million), averaging slightly above $65,700 per BTC. Related Reading: Research Firm Predicts Bitcoin Game Theory In Global Adoption Race Bitcoin price is up 3.4% in the past 24 hours, trading at $57,159 at press time. Notably, the US Federal Reserve is expected to embark on its rate-cut cycle next week, with many expecting the injection of liquidity into the economy to benefit risk-on assets such as Bitcoin. According to data from Google Finance, Tokyo-listed Metaplanet’s stock was exchanging hands at 1101 yen ($7.7), surging by 5.87% in today’s trading session. On the contrary, the Nikkei 225 index dipped slightly by 0.16%. Yesterday, Metaplanet disclosed that its management will exercise the 11th series of stock acquisition rights. The total proceeds from exercise warrants are expected to be around 299.7 million yen ($2.10 million). The company noted that these proceeds will be used to purchase more BTC. Close followers of the crypto industry would remember that it was back in May 2024 when Metaplanet first made public its plans to embrace BTC as its strategic treasury reserve asset. At the time, the company emphasized its new “Bitcoin-first, Bitcoin-only approach,” akin to the strategy adopted by MicroStrategy. In July 2024, Metaplanet increased its BTC holdings by 20.195, purchased at about $1.2 million according to prevailing market prices. Over the past few months, a series of Bitcoin purchases has brought Metaplanet’s total holdings to almost 400 BTC. Following In The Footsteps Of MicroStrategy Metaplanet’s decision to adopt Bitcoin as a strategic reserve asset isn’t a new practice among publicly listed companies. US-based MicroStrategy has championed Bitcoin’s reliability unlike any other institution. Related Reading: MicroStrategy’s Michael Saylor Calls Bitcoin An Institutional-Grade Asset Destined For $1 Million On August 8, 2024, MicroStrategy’s Michael Saylor revealed that he owns more than $1 billion worth of Bitcoin and has no plans to sell it anytime soon. According to the current market price, this is not to be confused with MicroStrategy’s own Bitcoin holdings of 226,500 BTC worth almost $13 billion. Most recently, Saylor predicted that Bitcoin price could soar as high as $13 million per BTC by 2045. Given the reasoning behind this ambitious price target, Saylor said that currently, BTC only represents about 0.1% of the global capital. Once this proportion rises to 7%, BTC could be worth $13 million per unit. That being said, it’s probably wise not to think too far ahead and consider some of the immediate challenges that Bitcoin might face. For instance, all eyes will be on the US Federal Reserve next week as there are fears that slashing the interest rates by too much, too quickly, might adversely affect BTC prices. Cover image from Unsplash, chart from Tradingview

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