- The Tokyo firm buys 21.88 BTC for $1.2M, raising its total to 225.61 BTC
- Metaplanet’s strategy boosts its stock, mirroring Microstrategy’s DCA approach
- Metaplanet and Sony’s crypto moves signal increasing institutional interest in Japan
There’s still a lot of investment in bitcoin in Japan, where Metaplanet has just announced a new holding in the currency.
The Tokyo-based public company has purchased 21.88 BTCs for $1.2 million, bringing its total holdings to 225.61 cryptocurrencies.
Metaplanet Accumulates $1.2 Million Worth of Bitcoin
This morning at 09:05 Tokyo time, Bitcoin-focused company Metaplanet announced new investments in Japan.
As part of its plan to become a leader in the cryptocurrency space, the company has made a big move by purchasing 21.88 BTC.
The move, with a monetary equivalent of $1.2 million (200 million Japanese yen), helped support the currency’s recent rise.
It was a 2.8% increase in its bitcoin holdings, with the average purchase price being $62,890.
The buying seems to be following the same DCA pattern as the US firm Microstrategy. The Japanese investment firm has made at least six separate purchases since the 23rd of April, the last three in July.
In total, Metaplanet now owns 225.61 BTC, worth $14.3 million.
It’s worth mentioning that Metaplanet is doing well on the stock market thanks to its adoption of the Bitcoin standard. The company, which has a current market cap of an impressive $18.5 billion, has seen its shares rise by 200% since it bought its first BTC.
Cryptocurrency Investments Continue in Japan
Metaplanet’s bitcoin purchases are not the only crypto investments to be seen in Japan recently.
Earlier this month, the Japanese technology company Sony announced that it was preparing to launch a new crypto exchange.
Sony plans to rename the trading platform it acquired last year, WhaleFin, and launch its own business focused on buying and selling cryptocurrencies.
Work is currently underway to redesign the broker’s graphical interface and integrate a mobile app that is simple and intuitive for less experienced customers.
The new exchange, S.BLOX Co, will be integrated with other Sony Group businesses to create value.
This type of investment alone may be enough to give an idea of Japan’s attitude towards the digital asset sector. In addition to Sony and Metaplanet, dozens of public and private companies are considering entering the bitcoin and crypto industry.
According to a recent survey conducted by Nomura Holdings and Laser Digital, 54% of Japan’s institutional asset managers plan to invest in various ways.
The survey contacted up to 547 asset managers, including institutional investors, family offices, and utility companies. It seems at least apparent that the focus on this sector is a growing trend as crypto assets take on a more institutional appearance.
In the coming years, Japan could see immense technological growth, with Tokyo poised to become one of the world’s most prized cryptographic hubs.
