Judging by its previous purchases, this accumulation is considered major discount buying for the firm.
Since its last purchase, the price of Bitcoin has dropped 11.2%, creating a very good entry point for the firm. Buying Bitcoin as a publicly traded firm is a major validation of the coin’s ability to grow. While learning from MicroStrategy’s playbook, Metaplanet’s aggressive buying has been noted.
With its series of purchases, the firm now holds a total of 203.734 Bitcoin units, acquired for a total of 2.05 billion yen, or $12,743,107.50.
Entities like Metaplanet are committed to holding Bitcoin for the long haul. While many traders are concerned about frequent market fluctuations, as we have seen this month, MicroStrategy and Metaplanet consider it a new avenue to buy the coin.
At the time of writing, the Bitcoin price is changing hands for $56,139.52, down by 2.22% in the past 24 hours. It remains unclear whether or not MicroStrategy will capitalize on this dip soon; however, the Metaplanet move remains a talking point for the ecosystem.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
