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Metaplanet’s Strategic Bitcoin Buys Propel Market Confidence Amid Yen Weakness

By Manoj Dharra

Metaplanet, a Bitcoin-stacking investment firm, has made headlines with its recent acquisition of another 21.88 Bitcoin, valued at over $1.2 million (200 million Japanese yen). This purchase comes amid a significant rally in Bitcoin prices, pushing them close to the $65,000 mark.

Metaplanet capitalized on Bitcoin’s price drop earlier this month by adopting a dollar-cost-averaging approach, which involved accumulating BTC during market corrections. On July 7, the firm snapped up another 42.46 Bitcoins for $2.5 million (400 million Japanese yen).

Metaplanet’s shares have jumped nearly sixfold since revealing its Bitcoin investment strategy on April 9, 2024, on the Tokyo stock exchange. This impressive surge reflects market approval of the firm’s progressive investment strategy. Reports indicate that Metaplanet’s market capitalization now stands at 17.5 billion JPY, with Bitcoin assets contributing 2.25 billion JPY to its balance sheet.

Despite this growth, Metaplanet’s Bitcoin holdings have only increased by 2.8%, given its average purchase price of $62,890 per Bitcoin. However, the firm remains bullish, seeing Bitcoin as a hedge against Japan’s mounting debt and the depreciating yen. The yen has depreciated by about 54% against the US dollar since January 2021, whereas Bitcoin has surged over 145% against the yen in the last 12 months, emphasizing its potential as a safer investment.

Drawing parallels to MicroStrategy, led by Michael Saylor, Metaplanet has been dubbed “Asia’s MicroStrategy” for its approach to diversifying capital into Bitcoin. The firm’s latest statement on July 16 confirmed that it now holds a total of 225.6 Bitcoin, valued at $14.6 million. Metaplanet is currently the world’s 21st-largest corporate holder of Bitcoin, according to CoinGecko.

Renewed institutional interest and strong inflows into spot Bitcoin ETFs have contributed to Bitcoin’s recent price surge, gaining 13.3% over the past week and approaching $65,000. Additionally, market activity increased following former U.S. President Donald Trump’s survival of an assassination attempt, further fueling Bitcoin’s robust recovery.

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