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U.Today – Metaplanet Inc, a Japanese publicly traded firm that hopes to recreate the legacies of MicroStrategy in Asia, has acquired another tranche of Bitcoin (BTC). In an announcement shared on X, the firm has acquired a new tranche of 18.8698 BTC.
The purchase was made on April 23, and it is valued at an aggregate amount of 200 million yen ($1.2 million). With this acquisition, the firm’s total Bitcoin holdings now come in at 117.7217 Bitcoin worth 10,193,536 yen per BTC. This Bitcoin bag is worth 1.2 billion yen, or $7,708,020.
When Metaplanet started acquiring Bitcoin back in April, it triggered positive sentiment in Asia’s investment landscape. This sentiment was ignited in the United States back in August 2020, when MicroStrategy made its first Bitcoin purchase. Today, MicroStrategy is the second-largest corporate holder of Bitcoin after BlackRock Inc (NYSE:BLK).
Under the leadership of its Chairman Michael Saylor, MicroStrategy stacks Bitcoin regularly. Its last buy-up came in March when it acquired 12,000 BTC for $821.7 million. At the moment, the firm now holds a total of 214,246 tokens valued at around $14 billion. As U.Today reported earlier, MicroStrategy’s unrealized gain on its Bitcoin bet now comes in at $6.2 billion.
MicroStrategy’s aggressive approach involves selling Convertible Senior Notes with the proceeds injected into the asset. Thus far, the move has paid off, and it remains unclear how long Metaplanet plans to sustain its strategy.
Since Metaplanet joined the Bitcoin bandwagon, the price of BTC has generally slumped amid erratic sell-offs. However, with new mainstream firms reporting Bitcoin bets, bullish optimism has largely returned to the market. At the time of writing, the coin is seeing a mild recovery, up 3.14% in 24 hours to $62,907.50. With Metaplanet borrowing MicroStrategy’s playbook, it is likely to record similar bullish returns in the long term.
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This article was originally published on U.Today
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