Metaplanet Snaps Up More Bitcoin in Biggest Single Buy to Date
Metaplanet, a Japanese investment firm, has made headlines by purchasing 619.7 Bitcoin for approximately 9.5 billion yen ($60.5 million), marking its largest single transaction in Bitcoin to date. With this latest acquisition, Metaplanet's total Bitcoin holdings reach 1,761.98 BTC, valued at over $164 million based on current prices. This strategic move aligns with the firm's goal of enhancing its Bitcoin treasury, a model inspired by American company MicroStrategy, which has successfully invested in Bitcoin to maximize shareholder value. However, the news of Metaplanet's aggressive buying strategy has caused concerns among some investors, negatively impacting its stock performance. Bitcoin's current market price is around $92,625, reflecting a decline of over 3% in the last 24 hours and approximately 13% over the past week.
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