Japan’s Metaplanet Will Increase Bitcoin Assets
Japanese-based company Metaplanet Inc announced that it has increased its Bitcoin (BTC) holdings amid a bullish stance. The company announced that its board of directors decided to purchase 250 million Yen worth of Bitcoin in line with its latest strategy. This came as the price of the market leader hovered around $68,000 after a slight correction that saw the bulls rally to $71,000.
Metaplanet Continues Acquisition Strategy
In a statement dated May 28, Metaplanet revealed plans to add Bitcoin custody and accounting strategies to investors. Worth 250 million Yen bitcoin It adds approximately $1.59 million to its previous 117.7 BTC, at an average price of ¥10,193,536 per asset.
According to the statement, the company will revalue the BTC purchased for long-term values at its cost, while short-term holdings will be revalued with quarterly market values. Additionally, depending on the scenario, unrealized gains or losses will be recognized as non-operating income and significant impacts on quarterly earnings will be disclosed promptly.
This latest purchase follows a ¥200 million inflow into Bitcoin, valuing it at around $1.25 million. Drawing lines from drawings by Michael Saylor MicroStrategyThe company plans to increase its assets to $6.25 million, as announced in April. Metaplanet sees pathways to Bitcoin as a representation of innovation and adaptability in financial markets.
The company’s recent uptrend has been praised by the crypto community as the market enjoys institutional flows. This year, institutions’ appetite for Bitcoin and other crypto assets has increased, leading to a bull run.
Bitcoin Posts Slight Risings
The announcement came as Bitcoin traded at $68,249, down 2.85% in the last 24 hours. The asset’s latest correction follows a bullish trend triggered by volatility in crypto market sentiment. Despite this, market commentators point out that the asset could reach new highs later this year, citing possible Fed rate cuts.
Bitcoin rose to an all-time high of over $73,000 in the first quarter of 2024 following spot confirmation. Bitcoin ETF By the United States Securities and Exchange Commission (SEC).
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David is a financial news writer with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has a talent for keeping up with breaking news. Staying on top of trends, David is knowledgeable about regulations, partnerships, crypto assets, stocks, NFTs, etc. He reported in various fields such as. Away from the financial markets, David cycles and rides horses.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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