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Did the Bitcoin Price Rise Because of This? Japanese Company Makes Another Purchase - Coin Bulletin
Japanese investment firm Metaplanet continues to buy Bitcoin (BTC).
According to the announcement made today, the company has purchased 200 million yen worth of Bitcoin (BTC) as previously stated.
Made a million dollar purchase
The Japanese investment firm announced today that it has purchased 20,195 Bitcoin for 200 million yen (1.24 million dollars).
Metaplanet stated that it spent 9.9 million yen (61,527 dollars) per Bitcoin. According to CoinGecko data, Bitcoin rose more than 4% on a daily basis and exceeded $63,000.
With its latest transaction, Metaplanet increased its total Bitcoin reserves to 161.2. The company spent a total of 1.65 billion yen (10.2 million dollars) to purchase them. The cost per Bitcoin was an average of 10.2 million yen (63,564 dollars).
Seen as a reserve asset
Metaplanet started investing in Bitcoin in April to avoid the risks of the Japanese yen. The company officially recognized Bitcoin as a reserve asset in May.
Metaplanet announced last week that it issued bonds worth 1 billion yen and will use it to buy more Bitcoin. The company may continue to buy Bitcoin in the coming weeks.