Japanese investment firm Metaplanet Inc. has boosted its Bitcoin (CRYPTO: BTC) portfolio, purchasing an additional 107.91 BTCs valued at around $6.92 million.
What happened: The Tokyo Stock Exchange-listed firm disclosed its latest grab Tuesday, reaffirming its conviction in the world's largest cryptocurrency's potential.
*Metaplanet purchases additional 107.91 $BTC* pic.twitter.com/pPrRBGrJsC
— Metaplanet Inc. (@Metaplanet_JP) October 1, 2024
The stash was purchased at an average price of $64,189.55 per BTC. With the latest buy, Metaplanet raised its total Bitcoin holdings to 506.745, worth roughly $32.92 million. Shares of the company were up over 2% at last check.
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Why It Matters: Metaplanet has made a concerted effort to add the world's largest digital asset to its portfolio to shield itself from Japan's economic woes and the declining value of its national currency, the yen.
The sustained push has resulted in the company becoming Japan's biggest corporate holder of the leading cryptocurrency, according to data from bitcointreasuries.net.
This firm followed in the footsteps of MicroStrategy, a U.S.-based software company that has led the charge in recent years to purchase Bitcoins as part of a corporate reserve strategy.
At the time of writing, MicroStrategy held 252,220 BTCs in its reserves, worth more than $16 billion, making it the biggest corporate holder of the cryptocurrency globally.
Price Action: At the time of writing, Bitcoin was exchanging hands at $63,698.50, down 1.19% in the last 24 hours, according to data from Benzinga Pro.
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