Metaplanet Adds 108.78 Bitcoin Tokens to Its Name, Signaling Confidence in the Future of Cryptocurrency

Metaplanet announced that it has added 108.78 Bitcoin tokens to its name. They are collectively worth approximately ¥1 billion with an average price of ¥9

Japanese firm Metaplanet has disclosed adding 108.78 Bitcoin (BTC) tokens to its name. Collectively, they are worth approximately ¥1 billion with an average price of ¥9,192,359. As of October 7, 2024, Metaplanet disclosed that the aggregated quantity of 639.503 Bitcoin tokens and the average price of ¥9,326,856 reached ¥5.965 billion.

This latest acquisition of BTC comes almost two months after Metaplanet announced allocating ¥10.08 billion Gratis Allotment of Stock Acquisition Rights. The funds allocated here were meant to purchase more Bitcoin. The offer was for all shareholders wanting to invest in the common stock via gratis allotment of rights. As for the most recent development, Metaplanet was seen selling BTC put options, thereby earning 23.97 Bitcoin tokens in premium income.

This is not the first time that Metaplanet has purchased Bitcoin, for it dates back to a series of acquisitions, including the one on October 01, 2024, when it added tokens worth approximately ¥1 billion to the portfolio. The average was around ¥9,266,724 for every token, taking the total holdings to 506.745 Bitcoin tokens for ¥4.75 billion.

Moreover, Metaplanet’s acquisition signals its confidence in the future of the flagship cryptocurrency. There have been dips, and the token is not precisely at the level it was supposed to be; however, the Japanese firm speculates BTC will soon mark a new ATH. Thus, the estimated value of over $80,000 by the end of October 2024 remains unchanged.

The development was announced by Metaplanet on X, where community members are showing their support for it. Some call it a nice investment choice, while others call it a winning move.

For reference, a single BTC is exchanging at $63,403.23, up by 2.40% in the last 24 hours. It further reflects a drop of 1.63% in the last 7 days and a rise of over 16% in the last 30 days.

Purchases by Metaplanet strengthen the Bitcoin forecast of $90,582 by the end of this year, 2024. It could alternatively land at around $81,125, but that is the worst-case scenario. Near-term predictions estimate BTC to surpass the lower mark by the end of October 2024. It would all come down to maintaining those gains, which should not be a problem considering Metaplanet's recent moves.

The times are rather interesting for BTC, with several reports making their way to the top of the surface claiming that the founder of the Bitcoin ecosystem has been identified and could soon be revealed to the world. There is little to confirm on whether the identity will be revealed or if it will remain unknown, with broadcasters taking all the hype to their name.

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