Japanese Public Company Metaplanet Buys 619.7 Bitcoin for $64M

Bitcoin (BTC) price plunged sharply to below $94,000 over the weekend, following the trend of growing volatility in the cryptocurrency market.

Bitcoin (BTC) price fell sharply to below $94,000 over the weekend, continuing the trend of increasing volatility in the cryptocurrency market. However, institutional players are still optimistic about the leading cryptocurrency.

On December 23, 2024, Metaplanet announced the purchase of an additional 619.7 Bitcoin for a total of ¥9.5 billion (around $64 million). The purchase is part of the company’s Bitcoin Treasury Operations, which aims to increase its digital asset holdings.

With this latest acquisition, Metaplanet now holds a total of 1,761.98 BTC, further cementing its position as one of the key institutional players in the market.

Japanese public company Metaplanet buys 619.7 #bitcoin for ¥9.5 billion. (around $64 million)

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Metaplanet’s commitment to Bitcoin is also evident in the impressive BTC Yield figures reported by the company. For the quarter ending December 23, 2024, Metaplanet reported a massive 309.82% BTC Yield, indicating that its Bitcoin acquisition strategy has been highly accretive to shareholders. This follows a strong upward trend from the previous quarter, when the company posted a 41.7% BTC Yield.

Could Bitcoin Recover $100,000 Soon?

As this week could be the last of 2024, the price of Bitcoin will now be closely monitored in the U.S. market opening on Monday. How Bitcoin behaves in the next few days will also depend on the overall mood of the market since Mondays are usually a leading indicator of what is going to happen in the next few days.

Many analysts are now waiting for any indications of a possible recovery to $100,000 as that remains the next big milestone for Bitcoin.

At the moment, Bitcoin’s price is at $95,687.64, and it has risen by a small percentage of 0.28% in the last 24 hours. The total market capitalization of Bitcoin has reached $1.89 trillion with a 24-hour trading volume of $48.9 billion, which signifies the market’s activity going on despite the recent price dips.