Metaplanet Increases Bitcoin Holdings, Following in the Footsteps of MicroStrategy

As Bitcoin [BTC] and the broader crypto market bled red for days, Metaplanet, a publicly-listed investment and consulting firm based in Japan

Japanese investment and consulting firm Metaplanet Inc. has announced its decision to up its Bitcoin (BTC) holdings in a move that underscores the “buying the dip” strategy, where investors aim to capitalize on lower asset prices in anticipation of future value appreciation.

The statement released by Metaplanet reads,

“We hereby announce that we have purchased an additional 400 million Yen worth of Bitcoin.”

This move also aligns closely with Michael Saylor's company, MicroStrategy, which had 226,331 BTC in its portfolio as of 20th June, acquired at an average price of $36,798 per bitcoin.

Notably, MicroStrategy's BTC holdings have contributed to a 380% increase in MSTR stock price. According to CCData's recent report titled ‘2024 H2 Outlook’,

“MicroStrategy led with a 380% rise in stock price, driven by its 214,000 Bitcoin holdings now worth $13.3bn, purchased at an average cost of $35,158. These holdings have earned the company approximately $6.54bn since 2020.”

In light of these developments, Metaplanet, which is often dubbed as “Asia's MicroStrategy,” is now seen as a key player in the growing institutional adoption of BTC.

The launch of Bitcoin ETFs has played a pivotal role in shifting the narrative around Bitcoin, with Wall Street now viewing it as an opportunity rather than a threat. Additionally, there has been a growing interest in cryptocurrencies among politicians, with former President Donald Trump, who once mocked crypto, now expressing his belief in its potential to influence upcoming elections.

On the other hand, the recent downturn in Bitcoin has had a direct impact on Metaplanet's stock price. After reaching a peak of 107 yen on 11th June, Metaplanet stock declined by 25% as BTC dropped from around $70,000 to below $60,000. However, at the latest update, the stock was trading at 87 yen, reflecting an 8.75% increase in the past 24 hours, with the stock's year-to-date price rising by 383.33%.

Bitcoin, meanwhile, was trading at $57,705 at press time, having seen a 2.29% increase in the past 24 hours and boasting a year-to-date gain of 36.55%.