Japan-Based Metaplanet Inc. Reaffirms Commitment to the Bitcoin (BTC) Plan, Buys 57.103 BTC

Japan-based publicly traded company Metaplanet Inc. has reaffirmed its commitment to the Bitcoin (BTC) plan.

Publicly traded Japan-based company Metaplanet Inc. has continued to execute its Bitcoin (BTC) plan. According to Simon Gerovich, the CEO of Metaplanet, the company completed another purchase of 57.103 Bitcoins, valued at approximately 500 million yen or around $3.3 million.

Gerovich highlighted that today’s Bitcoin purchase aligns with the 1 billion yen loan announced on August 8. With the latest addition, Metaplanet now holds about 303.095 Bitcoins, valued at nearly 3 billion yen.

Always be stacking #Bitcoin @Metaplanet_JP pic.twitter.com/c34goVoLa8

Metaplanet Joins Other Institutional Investors in Bitcoin Accumulation

As more institutions are adding Bitcoin to their respective balance sheets, fueled by clearer regulatory frameworks and the gradual mainstream adoption of Bitcoin, especially in Japan, institutions have been accumulating BTC.

Institutions seem to have temporarily stopped buying, and the price of $BTC dropped 4.5% today!

We noticed that institutions stopped receiving $USDT from #TetherTreasury and transferring it to exchanges 2 days ago.

https://t.co/0XKiPmjJed pic.twitter.com/NRFkp4Vqan

For example, Marathon Digital Holdings Inc. (NASDAQ:MARA) announced on Monday that it intends to offer senior convertible notes to acquire more Bitcoins, with the notes valued at $250 million.

Other institutional investors, such as MicroStrategy and Tesla, have been at the forefront of acquiring and holding Bitcoin throughout the crypto bear market. In the meantime, the net cash inflow for US spot Bitcoin ETF issuers was around $28 million on Monday.

Furthermore, according to on-chain data, institutional investors have received over $1.3 billion in Tether (USDT) since August 5, indicating a strong purchasing power.

Impact on BTC Price Action

The price of Bitcoin is consolidating within an inverted triangle formation, with no clear breakout to either side yet. However, the flagship coin closed the last week in a dragonfly Doji candlestick, indicating that the bulls may be taking control and suggesting an upcoming rebound.

Perspective on charting

I do NOT trade opinions. I trade set-ups via classical charting principles. I avoid trades when price is range bound. My entry is on completed patterns. $BTC displays what is known as an inverted or expanding triangle. No breakout yet so no trade. pic.twitter.com/xHYxJMpBP1

Additionally, Bitcoin price encountered support at the 200-weekly Moving Average (MA), while the Relative Strength Index (RSI) attempted to rally past the 50% level.