Japan’s MicroStrategy Metaplanet Buys $6.9M more Bitcoin

Japanese investment firm Metaplanet has announced the acquisition of an additional 107.913 Bitcoin (BTC).

According to the Metaplanet’s Oct. 1 announcement, the firm purchased $6.9 million worth of Bitcoin at an average price of 9.26 million yen ($64,168) per BTC. With this latest purchase, the company now has 506.745 BTC of total holdings — worth $31.5 million at the time of writing.

Metaplanet is often described by the press as Japan’s MicroStrategy due to its adoption of largely the same corporate strategy. Just like its United States-based brother, the Japanese investment firm is primarily looking to accumulate ever more capital with the sole purpose of buying more Bitcoin for its balance sheet.

The announcement clarifies that Metaplanet paid its Bitcoin 4.75 billion yen — over $33 million — at an average price of 9.37 million yen ($64,931) per Bitcoin.

According to CoinMarketCap data, Bitcoin is trading at over $62,000 after a sudden crash earlier today, leading to a 2.66% 24-hour loss. The crash follows Bitcoin breaking $66,000 earlier this week on Sept. 27.

The downturn comes as retail interest in the market is seeing a resurgence with the Crypto Fear & Greed Index, a multifactorial measure of crypto market sentiment, recently showing a score in excess of 61, indicating that greed has gripped the crypto market.

In most cases, such a score would suggest that the market may be slightly overvalued — but it is far from a guarantee that the market will soon start to fall. This was indeed followed by today’s crash seeing the score fall back to exactly 50 — a perfectly neutral score.

The report follows the United States Securities and Exchange Commission giving the green light to Nasdaq’s International Securities Exchange (ISE) to list and trade options on BlackRock’s iShares Bitcoin Trust (IBIT), following a rule change.

Bitcoin is also becoming increasingly more mainstream in the United States. Last month, former United States president Trump passed by a crypto-themed bar where he bought a burger with Bitcoin. This made him the first United States president to use Bitcoin publicly.

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