Metaplanet deepens Bitcoin investments despite price decline

The Tokyo-based investment company Metaplanet has significantly increased its Bitcoin holdings by purchasing an additional 619.7 Bitcoins, equivalent to approximately 58.9 million dollars. With this investment, the company's total Bitcoin holdings rise to 1,761.98 BTC, currently valued at around 167.1 million dollars. This acquisition follows a recent bond issuance by the company, through which nearly 9.5 billion yen (60.6 million dollars) was raised. Metaplanet has already stated that these funds are to be used to accelerate further Bitcoin purchases. The average purchase price of the recent batch of Bitcoin was 15.3 million yen (97,786 dollars) per coin. Since Metaplanet adopted the cryptocurrency as a strategic reserve asset in May, they have continuously increased their Bitcoin investments. This ongoing buying spree reflects the company's optimistic outlook on Bitcoin, which remains the largest cryptocurrency by market capitalization. Despite these actions, Metaplanet's stock price fell by 0.98% on Monday, closing at 3,540 yen (22.52 dollars). Nevertheless, the stock price has recorded an impressive rise of about 1,982% since the beginning of the year, according to data from Yahoo Finance. In the broader market, Bitcoin experienced a 1% value drop in the past 24 hours, trading at 95,221 dollars. Ether was also affected, falling by 1.2% to 3,292 dollars. The GMCI 30 Index from The Block, which tracks the performance of the 30 leading cryptocurrencies, declined by 0.93% in the same period. Despite these developments, MicroStrategy remains the largest public corporate holder of Bitcoin with a holding of 439,000 BTC, according to information from BitcoinTreasuries.