Japanese investment company Metaplaneta Inc. has promoted his bitcoin BTC/USD portfolio, purchasing an additional 107.91 BTC valued at around $6.92 million.
What happened: The Tokyo Stock Exchange-listed company revealed its latest acquisition on Tuesday, reaffirming its belief in the potential of the world's largest cryptocurrency.
The stash was purchased at an average price of $64,189.55 per BTC. With the latest purchase, Metaplanet brought its total Bitcoin holdings to 506,745, worth approximately $32.92 million. The company's shares were up more than 2% at last check.
See also: Pay taxes with Bitcoin? Ohio Senator Proposes Crypto Tax Bill, But There's a Problem
Why is it important: Metaplanet has made a concerted effort to add the world's largest digital asset to its portfolio to protect itself from Japan's economic woes and the falling value of its national currency, the yen.
The sustained momentum has resulted in the company becoming the largest corporate holder of Japan's leading cryptocurrency. according to data from bitcointreasuries.net.
This firm followed in the footsteps of Microstrategya US-based software company that has led the charge in recent years to buy Bitcoins as part of a corporate reserve strategy.
At the time of writing, MicroStrategy had 252,220 BTC in its reserves, worth more than $16 billion, making it the largest corporate holder of the cryptocurrency globally.
price action: At the time of writing, Bitcoin was trading at $63,698.50, down 1.19% in the last 24 hours, according to Benzinga Pro data.
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