Japanese investment firm Metaplanet has doubled down on its Bitcoin accumulation strategy by acquiring a new batch of 156 BTC. The firm unveiled this announcement via its official X post hours ago, detailing how it took advantage of the market dip between Feb. 18 and Feb. 28. This latest purchase has placed the firm again on the list of top corporate Bitcoin buyers.
Best window to buy Bitcoin
Metaplanet chose a strategic period to make its latest Bitcoin purchase. Within that period, the firm bought BTC when it dropped to its lowest level in months. Bitcoin nosedived to $78,942 on Feb. 28.
Related
According to the firm, the 156 Bitcoin units bought come at an average price of 12,952,147 yen per Bitcoin. This average price is an average of $86,779.3849 at the current exchange rate. This marks the second purchase in February, after it added 269 BTC on Feb. 17.
At the time of writing, the price of Bitcoin was changing hands for $92,682.99, up 7.75% in 24 hours. This implied that the latest Metaplanet purchase has resulted in a gain of approximately $$920,963.16.
With the past week’s purchase, the company boasts of a total stash of 2,391 BTC, worth an average of $199.8 million.
Metaplanet mimicking Strategy
Buying the Bitcoin dip is not without precedent, as Michael Saylor’s Strategy is known to conduct related BTC acquisitions when prices are low.
Related
As reported earlier by U.Today, in the past week, the business intelligence and software firm announced it bought over $2 billion worth of the coin after a successful debt issuance to finance the purchase.
Today, firms that are adopting a Bitcoin reserve strategy pioneered by Strategy go beyond Metaplanet. From mainstream banks like Susquehanna Investment Group to non-crypto firms like Semler Scientific, the list goes on and on.
Source: https://u.today/metaplanet-buys-bitcoin-dip-adds-156-btc-in-one-week