Metaplanet’s shift to Bitcoin is a significant step for the crypto community; it signals a growing trend of institutional adoption of cryptocurrencies.
Metaplanet, a Japan-based Web3 company, recently announced that it has purchased additional Bitcoin worth ¥200 million, which is equivalent to $1.25 million.
This move by the company follows up on its recent acquisition of the digital asset towards the end of last month. Just a few weeks ago, the Japanese company announced that it had acquired ¥1 Billion worth of BTC, which is about $6.25 million. Although the latest purchase is quite lower than the previous one, it is still a move toward establishing itself as a major force in the digital asset industry.
According to the post on its X page, Metaplanet purchased 19.87 BTC at an average price of 10,065,548 yen per Bitcoin, amounting to 200 million yen. In the released ‘Progress of Disclosure,’ the company stated that its current total BTC holdings are around 117.7 BTC. This investment strategy demonstrates the Japan-based company’s confidence in the coin’s growth and long-term viability and its potential to be widely accepted as a legitimate asset.
Metaplanet announced in early April that it would be embracing BTC as its core treasury asset, which further demonstrates the company’s goal of keeping up with trends and innovation within the finance space. It also positions the company as a leader in the digital finance era and a pioneer in the adoption of virtual assets in Japan. The post stated:
“Our transition to Bitcoin is a significant milestone in our mission to lead in the digital finance era and positions Metaplanet as a pioneer in the adoption of digital assets in Japan. Stay tuned!”
Institutional Investment to Boost Bitcoin Legitimacy and Price
It could be recalled that after the company announced its first acquisition of $6.56 million worth of Bitcoin, an instant effect was seen in its stock price, which surged 90% in just 48 hours. As of now, its price has increased by over 3% in 24 hours, which also reflects the positive impact of the growing influence of cryptocurrencies on the traditional financial market.
Just as Metaplanet’s stock value is increasing, BTC has seen a rise from the slump it experienced earlier, when it dropped to $56,000. With the price still hoping for a major recovery, it currently trades at around $62,000—also a 3% increase in the last 24 hours.
Metaplanet’s shift to Bitcoin is a significant step for the crypto community; it signals a growing trend of institutional adoption of cryptocurrencies. Hence, as more Web3 companies move their assets to the BTC, its legitimacy will be strengthened as a store of value and a hedge over inflation. More so, the influx of large institutions into the crypto sector will also have an impact on the price of this digital asset, which will propel its value to surge more.
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