U.Today – Metaplanet Inc, a publicly traded Japanese company hoping to recreate MicroStrategy's legacy in Asia, acquired another tranche of (BTC). In an announcement shared on X, the company acquired a new tranche of 18.8698 BTC.
The purchase was made on April 23 and is valued at a total amount of 200 million yen ($1.2 million). With this acquisition, the company's total Bitcoin holdings now stand at 117.7217 Bitcoin worth 10,193,536 yen per BTC. This bag of Bitcoin is worth 1.2 billion yen, or $7,708,020.
When Metaplanet began acquiring Bitcoin in April, it triggered positive sentiment across Asia's investment landscape. This sentiment was ignited in the United States in August 2020, when MicroStrategy made its first Bitcoin purchase. Today, MicroStrategy is the second largest corporate holder of Bitcoin after BlackRock Inc (NYSE:).
Under the leadership of its president Michael Saylor, MicroStrategy accumulates Bitcoin regularly. His last purchase occurred in March, when he acquired 12,000 BTC for $821.7 million. At the moment, the company holds a total of 214,246 tokens valued at around $14 billion. As U.Today previously reported, MicroStrategy's unrealized profit on its Bitcoin bet now stands at $6.2 billion.
MicroStrategy's aggressive approach involves the sale of convertible senior notes with the proceeds injected into the asset. So far, the move has paid off and it is still unclear how long Metaplanet plans to maintain its strategy.
Since Metaplanet joined the Bitcoin bandwagon, the overall BTC price has plummeted amid erratic selling. However, with mainstream startups reporting Bitcoin bets, bullish optimism has largely returned to the market. At the time of writing, the coin is experiencing a slight recovery, rising 3.14% in 24 hours to $62,907.50. Since Metaplanet borrows from MicroStrategy's playbook, it is likely to post similar bullish returns in the long term.
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This article was originally published on U.Today.
