Japan's ANAP Acquires $70 Million in Bitcoin as Part of Investment Strategy

Japan's ANAP has announced the purchase of millions worth of Bitcoin as part of its investment strategy. The company follows in the footsteps of companies like MicroStrategy and fellow Japanese company MetaPlanet.

Japan's ANAP has announced the purchase of 10 billion Yen (about $70 million) worth of Bitcoin as part of its investment strategy.

The company, known for its fashion brand, disclosed in a press release that the Board of Directors had agreed upon a group investment strategy that includes an investment in Bitcoin.

"The global trend of people viewing Bitcoin as a major global asset alongside the US Dollar and gold is irreversible, and the presence of Bitcoin will continue to grow in the medium to long term," the company stated.

Moreover, ANAP believes that there is sufficient room for Bitcoin's value to increase against the Japanese Yen.

"The company will engage in Bitcoin investment in accordance with its own discretion and will not be influenced by market prices or rumors."

Earlier this year, MetaPlanet, another Japanese company, announced plans to issue $10 million in zero-interest bonds to fund another round of Bitcoin purchases.

The company, which develops and operates metaverse services, aims to raise the funds by the end of March.

Meanwhile, MicroStrategy continues to be the public company with the largest BTC holdings.

Recently, Michael Saylor's company acquired 3,459 BTC for $285 million, increasing its total Bitcoin stash to 531,644 coins, acquired for $35.92 billion at an average price of $67,556 per Bitcoin.

The company's latest purchase brings its Bitcoin holdings to an astounding 19.68 million at a price of $73,388 per Bitcoin, as of Wednesday morning.

At the same time, the company's stock price has soared by more than 5,000% since the beginning of Saylor's Bitcoin buying spree.

In other news, crypto analyst Titan of Crypto has revealed that a Bitcoin price breakout is in play on the 1-hour timeframe.

After a fakeout to the downside, BTC finally broke out to the upside, aiming for the first target at the previous daily high of $85,500, while the second target is the Tuesday high of $86,400.

However, this could be another fakeout, as the breakout occurred on low volume.

"Don't get your hopes up yet. Could be another fakeout on low volume. But 1-hour chart is showing a breakout, with the first target being the previous daily high of $85,500 and the second target being yesterday's high of $86,400."

"Volume is still low, which could lead to another fakeout. If the price stays above the breakout level and volume increases, then it will be a true breakout."

The crypto analyst also noted that the Bitcoin bounce is still valid as long as the weekly 50 EMA holds.