- Metaplanet, a Japanese public firm, has purchased an additional 108,786 Bitcoin worth around $6.7 million, bringing its total Bitcoin holdings to 6,395 BTC valued at over $40 million.
- Metaplanet is following the strategy of MicroStrategy, a U.S. software firm that pioneered the Bitcoin treasury reserve approach, by accumulating Bitcoin as a reserve asset.
- While Metaplanet’s Bitcoin holdings are significantly smaller than MicroStrategy’s 252,200 BTC worth $1.59 billion, it has been dubbed “Asia’s answer to MicroStrategy” for its adoption of a similar Bitcoin accumulation strategy.
Metaplanet, a publicly-traded Japanese company, recently announced that it purchased over 100,000 bitcoin as part of its corporate strategy. This comes after the company previously purchased bitcoin back in April, following the lead of MicroStrategy.
MicroStrategy’s Bitcoin Strategy
The American software company MicroStrategy pioneered the strategy of holding bitcoin on its corporate balance sheet. MicroStrategy has purchased over 250,000 bitcoin to date. The company’s stock price has surged as a result of its bitcoin strategy. MicroStrategy encourages other companies to follow its lead and hold bitcoin as a reserve asset.
Metaplanet’s Bitcoin Purchases
Metaplanet bought 108,786 bitcoin in its most recent purchase, valued at around $67 million. This brings the company’s total bitcoin holdings to over 60,000 bitcoin, worth over $40 million currently. Metaplanet aims to embrace digital assets and pioneer the intersection of finance and innovation.
Price Impact
Bitcoin’s price rose after Metaplanet’s announcement, flirting with the $64,000 level. Analysts believe bitcoin investors are cautiously watching the upcoming U.S. presidential election, which could potentially impact bitcoin’s price.
Conclusions
The purchases by Metaplanet show that companies outside of the U.S. are starting to adopt bitcoin as part of their corporate strategies. While Metaplanet’s bitcoin holdings are still small compared to MicroStrategy, its recent buys show a growing trend of corporations allocating bitcoin on their balance sheets. This mainstream adoption could potentially propel bitcoin’s price higher in the future.
