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Metaplanet Inc, the Japanese firm now recognized as MicroStrategy’s imitator has added fresh Bitcoin (BTC) to top up its bag. This is the second time the publicly traded company will be buying Bitcoin this month.
Metaplanet’s Bitcoin stash tops 203 units
Metaplanet is one of the first Bitcoin adopters on the Japanese financial market. In the latest update, the firm said it has acquired an additional 42.466 Bitcoin for 400 million yen, or $2,485,280. Each of the BTC units was acquired for an average price of 9,419,300 yen, or $58,534.36.
Judging by its previous purchases, this accumulation is considered major discount buying for the firm.
Since its last purchase, the price of Bitcoin has dropped 11.2%, creating a very good entry point for the firm. Buying Bitcoin as a publicly traded firm is a major validation of the coin’s ability to grow. While learning from MicroStrategy’s playbook, Metaplanet’s aggressive buying has been noted.
With its series of purchases, the firm now holds a total of 203.734 Bitcoin units, acquired for a total of 2.05 billion yen, or $12,743,107.50.
Ultimate gameplan
With the consistent accumulation of Bitcoin, the goal is to HODL until the asset hits unprecedented price marks. MicroStrategy has been buying Bitcoin since 2020, and after all this time, it has only sold its Bitcoin stash once.
Entities like Metaplanet are committed to holding Bitcoin for the long haul. While many traders are concerned about frequent market fluctuations, as we have seen this month, MicroStrategy and Metaplanet consider it a new avenue to buy the coin.
At the time of writing, the Bitcoin price is changing hands for $56,139.52, down by 2.22% in the past 24 hours. It remains unclear whether or not MicroStrategy will capitalize on this dip soon; however, the Metaplanet move remains a talking point for the ecosystem.