Japanese Firm Metaplanet Inc Acquires Additional Bitcoin, Mirroring MicroStrategy's Strategy

According to U.Today, Metaplanet Inc, a publicly traded Japanese company, has purchased another batch of Bitcoin (BTC), aiming to emulate the success of MicroStrategy in Asia. The company announced that it has acquired an additional 18.8698 BTC, a transaction valued at 200 million yen ($1.2 million) that took place on April 23. This latest acquisition brings the company's total Bitcoin holdings to 117.7217 BTC, valued at 10,193,536 yen per BTC. The total value of Metaplanet's Bitcoin assets is now 1.2 billion yen, or $7,708,020. Metaplanet's initial foray into Bitcoin investment in April sparked a positive response in Asia's investment landscape. This sentiment mirrors the enthusiasm ignited in the United States in August 2020 when MicroStrategy made its first Bitcoin purchase. Currently, MicroStrategy is the second-largest corporate holder of Bitcoin, trailing only BlackRock Inc. Under the guidance of Chairman Michael Saylor, MicroStrategy regularly invests in Bitcoin. Its most recent purchase was in March when it acquired 12,000 BTC for $821.7 million, bringing its total holdings to 214,246 tokens valued at approximately $14 billion. Since Metaplanet began investing in Bitcoin, the cryptocurrency's price has experienced some volatility due to sporadic sell-offs. However, the market has largely regained its bullish optimism with the announcement of new mainstream firms investing in Bitcoin. At the time of writing, Bitcoin is experiencing a slight recovery, up 3.14% in 24 hours to $62,907.50. As Metaplanet continues to follow MicroStrategy's investment strategy, it is expected to see similar bullish returns in the long term.