New Whale Acquires More Bitcoin Despite The Ongoing Bearish Trend

Japanese firm Metaplanet continues accumulating Bitcoin tokens, adopting a buy-the-dip strategy amid the ongoing decline. Metaplanet purchased 42.47 BTC coins worth 400 million yen ($2.42 million) when BTC fell to a low of $54,500 earlier in the day.

Metaplanet's accumulation comes amid heightened fear among investors as crypto asset volatility increases.

Metaplanet Joins BTC Whales Accumulation Trend

Often tagged Asia's MicroStrategy due to its aggressive Bitcoin accumulation, Metaplanet has expanded its holdings, leveraging Bitcoin's depressing price.

The company's additional 42.47 BTC ($2.5 million) purchase brings its total holdings to 203.734 coins valued at 2.05 Billion yen (approximately $12 million). This purchase is the company's fourth accumulation within the last four months.

*Metaplanet purchases additional 42.47 $BTC* pic.twitter.com/dPotWszW1Y

- Metaplanet Inc. (@Metaplanet_JP) July 8, 2024

With the latest purchase, Metaplanet's market cap is currently at 14.5 billion yen. Its BTC holdings account for over 2 billion of its market cap value.

Metaplanet sees Bitcoin as a reserve asset to cushion the effects of economic problems in Japan. The company established its Bitcoin trading strategy by establishing a subsidiary in the British Virgin Islands. It aims to leverage the growth opportunities in the global crypto space to uphold its expansion strategy.

*Metaplanet establishes wholly-owned BVI subsidiary to enhance strategic $BTC management* pic.twitter.com/plmQ3xp72W

- Metaplanet Inc. (@Metaplanet_JP) June 25, 2024

Top industry analyst Dylan LeClair is the driver of its recent Bitcoin accumulations. Dylan LeClair recently started working as Metaplanet's Director of Bitcoin Strategy to help advance its BTC focus.

Recently, LeClair and Mike Peterson discussed the economic revival of El Salvador, one of the first countries to adopt Bitcoin as legal tender, on a YouTube Podcast.

According to LeClair, El Salvador's embrace of BTC improved its economy. The podcast also covered Metaplanet's BTC strategy and global Bitcoin adoption.

Metaplanet's Stock Price Soars as They Embrace Bitcoin

Following the recent BTC acquisition announcement, Metaplanet's Stock price increased. The company adopted a Bitcoin-friendly strategy.Metaplanet stock has gained 382% in 2024, with much of these gains attributed to its Bitcoin holdings.

Metaplanet Stock hit a high of 107 last month but currently trades around 80. Impressively, Metaplanet's shareholders have confirmed several changes in their investment strategies.

The company amended its Article of Incorporation to fit its new BTC-focused business plans. Metaplanet's shareholders also approved a share consolidation plan that will merge ten common shares into one from August 1, 2024.

This new plan will reduce the number of authorized shares from 65 million to 22.82 million. Five new directors were elected to boost Metaplanet's operations and promote the new Bitcoin strategy.

*Metaplanet amends articles for $BTC strategy, approves 10:1 share consolidation, increases authorized shares from 22.8M to 65M, elects five new directors* pic.twitter.com/F0ZGWgJ218

- Metaplanet Inc. (@Metaplanet_JP) July 1, 2024

Metaplanet's directors authorized a massive Bitcoin purchase in June 2024 using proceeds from a recent bond sale.

Although the price of BTC continues to decline, Metaplanet's recent purchase confirms its confidence in Bitcoin's long-term potential.Metaplanet's strategies also confirm its drive for massive growth and expansion in the crypto space.

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