Japan-Based Metaplanet Now Holds 203.734 BTC, Valued at $12.7 Million

Japan-based Metaplanet now holds more than 200 BTC following its latest acquisition of the flagship digital asset, according to a July 8 notice.

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After a weekend of relative calm in the cryptocurrency market, Bitcoin price experienced a slight uptick on Monday, rising from lows of $54,450 to reach highs of $57,900 at press time.

This price movement comes amid news of a fresh Metaplanet purchase and continued Bitcoin sales by the German government.

Bitcoin price opened the new week with a slight recovery from lows of $54,450 to reach highs of $57,900 at press time, according to data from CryptoSlate.

This price movement follows a downturn last week that saw BTC lows of $52,000 and highs of $59,000 as institutional interest continues to drive the market.

Fresh Metaplanet buys

Following its recent Bitcoin purchase, Japan-based Metaplanet now holds over 200 BTC, according to a July 8 notice.

The firm stated that it acquired 42.466 BTC for ¥400 million ($2.48 million) at an average purchase price of ¥9.4 million ($58,500).

With this purchase, Metaplanet now holds 203.734 BTC, valued at $12.7 million at an average price of $62,500.

According to the notice, this purchase follows the June 24 agreement by Metaplanet’s board of directors to purchase BTC for up to 1 billion yen ($6.3 million) with capital raised through bond issuance.

These moves align with the company’s new focus on Bitcoin as a primary asset reserve. Notably, Metaaplanet is the first publicly traded company on the Tokyo Stock Exchange to invest in Bitcoin and has been consistently acquiring the asset over recent months.

Data from Google Finance shows that this strategy has bolstered the firm’s stock performance, which has risen about 400% year-to-date.

Germany continues Bitcoin sales

In a parallel development, the German government has continued its heavy Bitcoin-selling activity.

Earlier today, a crypto address linked to the German government transferred around 1,000 BTC to centralized exchanges Coinbase and Bitstamp, with the remaining balance heading to an unlabeled address.

Data from the crypto analytics platform Arkham Intelligence showed that the government moved 250 BTC each to Coinbase and Bitsamp, while the 500 BTC balance was sent to the unlabeled address.

According to Arkham, this address is not labeled on-chain but has received nearly 2,000 BTC from the German government over the past three days.

These recent transfers continue a trend that began last month, with the government selling over 10,000 BTC and negatively impacting the flagship asset's price. As of press time, the German government still holds $2.2 billion worth of BTC.

Last week, Tron founder Justin Sun offered to purchase Bitcoin from the German government off-market to mitigate the negative impact on BTC’s price.