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Metaplanet Announces Bitcoin Holding Gains As Bitcoin Tests Above $90,000

Ever since the Japanese firm announced its ambition to diversify its asset holdings, they have been on a spree of Bitcoin acquisitions. In Metaplanet’s Q3 report, it was revealed that the company had acquired two times its Bitcoin assets between September and the second week of November. Metaplanet’s recent bitcoin purchases saw its bitcoin holdings grow from 492.82 BTC to settle at 1,018.17 BTC, culminating in $64 million worth of total bitcoin investments.

The digital asset acquisition move by Metaplanet appears to be paying off as the crypto market is currently experiencing a price rally that has seen Bitcoin prices go up. The increased value of Bitcoin saw Metaplanet gain about $28 million on its bitcoin holdings. 

Metaplanet’s ambition is to utilize bitcoin or cash assets as collateral to increase operational revenue and grow its assets. The company, which is likened to MicroStrategy, started a KPI measuring system last month, akin to that of MicroStrategy. The measuring system analyzes how shareholder returns are influenced by Bitcoin acquisitions. 

Bitcoin has been enjoying a price rally since the event of Trump’s election victory and on Tuesday, the BTC value tested above the $90,000 mark before receding. The world’s largest virtual coin has gone up over 30% in about a week and has broken multiple records in its wake. This Monday, Bitcoin gained $8,343 in what Galaxy Digital’s head of research, Alex Thorn, labeled the highest ever daily gain for BTC in a single day. 

Bitcoin was not the only virtual asset exposure to break records. Spot Bitcoin ETF in the US also witnessed record breaking inflows within the last week. For instance, about $4.5 billion in trading volume was generated by BlackRock’s Bitcoin ETF in a single day.

Eric Balchunas, a top exchange-traded funds at Bloomber reports that it was the largest ever traded by BlackRock. It is common sentiment that Bitcoin opportunity will continue to expand judging from current macroeconomic economic circumstance, giving investors and companies like Metaplanet improved gains. 

Author

  • Gideonjerry Attah

    I am a creative writer and copywriter with interest in cryptocurrency. When you read my text, you see vivid pictures painted through words and most times, I leave you enlightened while other times, I get you in touch with your deepest emotions.

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