Japanese firm Metaplanet, known as “Asia Strategy,” announced that it had purchased 4,279 new Bitcoins worth approximately $451 million.
With this purchase, the company’s Bitcoin reserves have increased to 35,102 BTC, equivalent to over $3 billion. The company aims to accumulate 100,000 BTC by the end of 2026.
Despite this large investment, MetaPlanet's share price fell 7.95% to 405 yen on the Tokyo Stock Exchange.
The reason for this decline is the selling pressure in the Bitcoin market and the fall
in the price of BTC from the $90,000 channel to the $87,000 range over the past 24 hours.
Despite the increase in trading volume in the market, the decrease in open interest in Bitcoin futures contracts indicates that investors are cautious and the short-term downtrend could continue.
However, MetaPlanet's large acquisition is a bullish signal for the crypto market and could boost retail investor confidence.
