Metaplanet Ignores Bitcoin Dip, Buys Another $2.4 Million BTC

Japan’s public-traded company, Metaplanet has begun the new week on a bullish note, purchasing an additional $2.4 million worth of Bitcoin to increase its coffers. Interestingly, this comes amid a global crypto market downturn that has seen the price of the BTC crash to $54k.

Even though investors’ confidence in the market is currently at a low, the investment company takes a big bet on the future trajectory of Bitcoin and continues its accumulation. At the time of writing, the sentiment surrounding the market, as portrayed in the crypto fear and greed index, has dropped to ’28,’ signifying fear.

By this time last month, June 8, the market confidence was at a high of ’78,’ representing extreme greed. However, 30 days later, it has taken a significant turn as a result of several factors.

Metaplanet Adds 40.5 BTC to its Portfolio

Earlier today, the Japan-based company revealed on X (formerly Twitter), that it has accumulated an additional 42.466 Bitcoins. The new addition is valued at 400 million yen ($2.4 million) at an average purchase price of 9.41 million yen per BTC. Also, Metaplanet made the recent purchase at a time when the BTC price plummeted to about $54,500.

Consequently, Metaplanet now holds a total of 203.7 Bitcoins, valued at $12.7 million, at an average buying price of 10.06 million yen per Bitcoin. The latest purchase is part of the firm’s overall strategy to use Bitcoin as a hedge against the collapsing Japanese fiat currency, the yen.

Moreover, Metaplanet started its Bitcoin buying spree on July 1, when it purchased 20.195 BTC, worth 200 million yen. The company previously disclosed that it planned to invest 1 billion yen in Bitcoin, adding that the funds that will be used for the purpose will be obtained from a bond sale on June 26. Due to its interest in Bitcoin, Metaplanet is now popularly referred to as the MicroStrategy of Japan.

As part of its strategy to expand globally and increase its Bitcoin holdings, Metaplanet established a fully-owned subsidiary last month, known as Metaplanet Capital Limited in the British Virgin Islands. In a recent podcast, Dylan LeClair, Metaplanet’s Bitcoin Strategy Director, emphasized the crypto-welcoming environment Japan has offered. According to him, the “favorable environment for Bitcoin adoption presents a unique opportunity for corporate strategy and growth.”

Bitcoin Price Movement Today

Meanwhile, the price of Bitcoin (BTC) has suffered a major hit over the last few days. According to data from CoinMarketCap, Bitcoin is currently trading at $55,787, representing a 2.33% decrease in the last 24 hours. While the price is declining, the trading volume over the last day has shot up by 29.79% to $26.3 billion.

In hindsight, Bitcoin has lost 11.78% of its value in the last seven days, and a huge 19.62 in the last month. Notably, Bitcoin has traded between the lows and highs of $54,320 and $57,915 in the last 24 hours which shows a 24.5% decline from its all-time high of $73,737 reached in March 2024.