The post Metaplanet Inc. Bolsters Bitcoin Holdings with $3.3 Million Purchase appeared first on Coinpedia Fintech News
Japan-based publicly traded company Metaplanet Inc. has reaffirmed its commitment to the Bitcoin (BTC) plan. According to Simon Gerovich, the CEO of Metaplanet, the company has completed the purchase of 57.103 Bitcoins, worth about 500 million yen or around $3.3 million.
Gerovich noted that today’s Bitcoin purchase aligned with the 1 billion yen loan announced on August 8. As a result, Metaplanet now holds about 303.095 Bitcoins, worth nearly 3 billion yen.
Metaplanet Joins Other Institutional Investors in Bitcoin Accumulation
Following the gradual mainstream adoption of Bitcoin worldwide, fueled by clearer regulatory frameworks, more institutional investors have added the flagship coin to their respective balance sheets.
For instance, Marathon Digital Holdings Inc. (NASDAQ: MARA) announced on Monday that it intends to offer senior convertible notes worth $250 million to acquire more Bitcoins.
MicroStrategy and Tesla have led other institutional investors in holding Bitcoin throughout the crypto bear market. Meanwhile, the US spot Bitcoin ETF issuers registered a net cash inflow of about $28 million on Monday.
According to on-chain data, institutional investors have received more than $1.3 billion in Tether USDT since August 5, suggesting heightened purchasing power.
Impact on BTC Price Action
Bitcoin price consolidates in an inverted triangle, without a clear breakout on either side. The flagship coin closed last week in a dragonfly Doji candlestick, suggesting the bulls are regaining control, with an anticipated rebound ahead.
Furthermore, Bitcoin price rebounded off the 200-weekly Moving Average (MA) as the Relative Strength Index (RSI) attempted to rally above the 50 percent level.