The race by traditional institutions to acquire Bitcoin as a hedge against inflation is heating up, signaling the growing adoption of digital assets. The latest to add a new batch of Bitcoin is Japan’s MicroStrategy imitator, Metaplanet Inc which acquired an additional 23.35 $BTC.
Metaplanet Continues Consistent Strategic Bitcoin Acquisition
In a June 11 memo titled “Notice Concerning the Purchase of Bitcoin” sighted by Crypto-Vanguard, 23.351 Bitcoins were purchased at an average price of ¥10,706,180 per Bitcoin, totaling ¥250 million (approximately $1.5 million).
*Metaplanet purchases additional 23.35 $BTC* pic.twitter.com/Wj5AZjVNvq
— Metaplanet Inc. (@Metaplanet_JP) June 11, 2024
Notably, the notification of new purchases is in keeping with the resolution reached at a meeting by the top management to increase Metaplanet’s buildup of Bitcoin holdings. As part of the resolution, Metaplanet will make both long-term and short-term acquisitions while pledging to reveal any significant impacts on quarterly performance.
The investment firm made a significant purchase of 19.87 Bitcoin in early May and added ¥250 million worth of BTC extra, just before May ended. The consistent accumulation of the digital asset is similar to MicroStrategy’s aggressive purchase.
Currently, Metaplanet’s total amount purchased stands at ¥1.45 billion to bring its cumulative Bitcoin holdings to 141.0727 BTC. The average purchase price of the asset is ¥10,278,391. Notably, the acquisition has not helped reboot the price of the asset which is down 3.16% to $67,208.77.
MicroStrategy’s Dominance in Bitcoin Holdings
Although Metaplanet’s total Bitcoin holdings are still under 200 BTC, analysts maintain that it is the consistency that counts. The investment firm seems to be adhering to Michael Saylor’s phrase of, “If it’s not Bitcoin, your money is melting.”
Notably, Saylor, the co-founder and Executive Chairman of MicroStrategy remains bullish on Bitcoin, insisting that it is the ultimate hedge over fiat currency devaluation.
As per a recent ranking, MicroStrategy now holds more Bitcoin in its Treasury than any country including the US and UK. The company now owns a staggering 214,400 Bitcoin, which is about 7,000 BTC more than the United States, the largest country holder, with 207,189 BTC.
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