The Japanese investment company Metaplanet has become the eighth largest corporate holder of Bitcoin globally, continuing its aggressive strategy to promote Bitcoin adoption in Asia.
The company announced on June 2nd via a post on the X platform that it had acquired an additional 1,088 Bitcoins (BTC) at an average price of $108,400 each, totaling $117.9 million.
According to Bitbo data, the latest acquisition brings Metaplanet's total holdings to over 8,888 BTC, surpassing Galaxy Digital Holdings' 8,100 BTC and Block Inc.'s 8,485 BTC, making it the eighth largest corporate Bitcoin holder in the world.
Large corporations are making significant purchases at prices exceeding $100,000 per BTC, indicating growing confidence among institutions in the current bull market cycle. This move comes amid increasing financial uncertainty, particularly in the Japanese bond market.
André Dragosch, Head of European Research at Bitwise Asset Management, told Cointelegraph that ongoing instability could drive Bitcoin to new highs by the end of the year.
"Based on the default probabilities of all these G20 sovereign bonds today, Bitcoin has already surpassed $200,000," he told Cointelegraph.
Government bonds are typically seen as safe-haven assets. However, when yields rise sharply, it often indicates investor concerns about fiscal sustainability and repayment risks.
Cointelegraph data shows that after Bitcoin surged to a historic high of over $112,000 on May 22, it has retraced to $105,464 at the time of writing.
A Bitfinex analyst told Cointelegraph that the consolidation following the historic high marks a "healthy" development that could provide a "sustainable foundation" for the next upward move, as leveraged positions reset and spot demand solidifies, adding:
"The ability of Bitcoin to continue consolidating above its short-term holder cost basis of around $95,000 remains crucial."
"The coming weeks may determine whether Bitcoin's latest breakout is a local peak or a precursor to a more aggressive rise in the third quarter," the analyst stated.
Meanwhile, some analysts are concerned that a bubble may form around Bitcoin proxy stocks, considering that Metaplanet's Bitcoin premium has soared to $596,000, meaning that shareholders are exposed to BTC at a price more than five times the actual BTC price through holding Metaplanet stock.
Related: Strategy purchased 705 Bitcoins (BTC) for $75 million at the end of May.
Original article: “Metaplanet Becomes the Eighth Largest Bitcoin (BTC) Holder with $118 Million Purchase”
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