U.Today - Japanese publicly traded firm Metaplanet Inc. is not likely to stop its aggressive Bitcoin buying spree as it announced its latest purchase today. The firm said it has added another 21.88 BTC to its portfolio for 200 million yen, or approximately $1.26 million.
Another Metaplanet pace-setting move
Metaplanet just adopted its Bitcoin for Treasury Asset Policy this year and, thus far, it has continued to buy BTC at least twice a month. This latest acquisition was made at a time when the price of Bitcoin is torn in between pressure from the bears and the bulls.By topping up its bag, the entire Metaplanet portfolio now comes in at 225.611 BTC. These coins were acquired for an average of 9,972,933 yen, for a total of 2.25 billion yen, or $14.197 million.
Metaplanet’s approach to Bitcoin is proof that the exact playbook of MicroStrategy may be copied by any company that believes in the potential of BTC. This adoption of the Bitcoin strategy is also applicable irrespective of geographical location, as BTC is traded without any form of government restriction.
The acquisitions have helped sustain the price of Bitcoin in the $53,717.38 and $67,188.32 range that it has traded in over the past month.
Will Metaplanet stop buying Bitcoin?
Metaplanet is a firm with relatively smaller capital and profit turnover. While its core ideology for going all in on Bitcoin remains unknown, there is a likelihood that it will continue to boost its overall BTC bag in a bid to grow its capital in the long term.Notably, the firm has joined MicroStrategy in issuing bonds to buy Bitcoin. Per its disposition, Metaplanet may not stop buying Bitcoin until some of its bags rake in at least a reasonable amount of profit.