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Metaplanet has become one of the top 30 corporate holders of Bitcoin in the world after its recent acquisition.
On June 11, Metaplanet announced the purchase of 23.25 Bitcoin for ¥250 million ($1.59 million), averaging ¥10,706,180 ($69,627) per Bitcoin. This transaction increased the company’s total Bitcoin holdings to 141.07 BTC, acquired for ¥1.45 billion ($9.2 million) at an average price of ¥10,278,391 ($65,365) per Bitcoin.
This marks Metaplanet’s third Bitcoin purchase within three months. The company first bought 97.85 Bitcoin in April, followed by 19.87 BTC in May.
Metaplanet is a Japanese public company that offers hospitality and technology services. It is the first publicly traded company on the Tokyo Stock Exchange to invest in Bitcoin. According to data from Google Finance, this latest purchase caused a 10% surge in its stock price, reaching ¥89.
Bitcoin’s institutional adoption
Metaplanet’s latest acquisition aligns with a growing trend of companies incorporating Bitcoin into their treasury assets.
Recently, two companies—Semler Scientific and DeFi Technologies—acquired nearly 1,000 BTC because they view the digital asset as a hedge against inflation and protection against monetary debasement.
Chris Kuiper, Director of Research at Fidelity Digital Assets, noted that it was logical for small and microcap companies to be early adopters of the asset. According to him, smaller companies have more stake than larger firms, and their early adoption of BTC mirrors a similar trend observed in certain countries.
He added:
“What also stands out to me is the similar language in these press releases of noting bitcoin’s characteristics as an inflation hedge or protection from monetary debasement. Both also noted the perceived gap in value.”
Meanwhile, these companies’ moves pale significantly against that of MicroStrategy, the largest corporate holder of the top crypto. The Michael Saylor-led company holds more than 210,00 Bitcoin, equivalent to over 1% of the digital asset’s total circulating supply.
Mentioned in this article
Andjela Radmilac
Armed with a classical education and an eye for news, Andjela dove head deep into the crypto industry in 2018 after spending years covering politics.
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This article was originally published by a cryptoslate.com . Read the Original article here. .
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