Metaplanet becomes 8th largest Bitcoin holder with $118M buy

Japanese investment company Metaplanet has become the world’s eighth-largest corporate holder of Bitcoin, continuing its aggressive strategy to promote Bitcoin adoption across Asia.

The company acquired an additional 1,088 BitcoinBTC$104,397BitcoinChange (24h)0.45%Market Cap$2.07TVolume (24h)$24.5BView Moreat an average price of $108,400 per coin for a total of $117.9 million, the investment firmannouncedin a June 2 X post.

The latest acquisitionpushed Metaplent’s total holdingsto over 8,888 BTC, making it the world’s eighth-largest corporate Bitcoin holder, surpassing Galaxy Digital Holdings’ 8,100 BTC and Block Inc.’s 8,485 BTC,accordingto Bitbo data.

Related:MARA’s Bitcoin mining revenue hits record $752M as BTC price soars

Large corporate purchases at prices above $100,000 per BTC suggest growing institutional confidence in the current bull market cycle. The move comes amid rising financial uncertainty,particularly in Japan’s bond markets.

André Dragosch, head of European research at Bitwise Asset Management, told Cointelegraph that ongoing instability could drive Bitcoin to new highs by year’s end.

“Based on today’s default probability across all these G20 sovereign bonds, it’s already above $200,000 for Bitcoin,” he told Cointelegraph.

Government bonds are typically considered safe-haven assets. However, when yields rise sharply, it often signals investor concerns about fiscal sustainability and repayment risk.

Related:SEC crypto staking guidance ‘major step forward’ for US: Crypto Council

Bitcoin retraces after record high

Bitcoin rose to an all-time high of over $112,000 on May 22 before retracing to $105,464 at the time of writing, Cointelegraph data showed.

The consolidation after the all-time high marked a “healthy” development that can provide the “sustainable foundation” for the next leg up as leveraged positions reset and spot demand consolidates, analysts from Bitfinex told Cointelegraph, adding:

“The coming weeks will likely determine whether Bitcoinʼs latest breakout was a local high or the prelude to a more aggressive leg higher in Q3,” said the analysts.

Meanwhile, some analysts are concerned about a potential bubble forming around Bitcoin proxy stocks, considering thatMetaplanet’s Bitcoin premiumsoared to $596,000, meaning that the firm’s stockholders are paying more than five times the actual price of BTC through exposure to Metaplanet stock.

Magazine:Arthur Hayes $1M Bitcoin tip, altcoins ‘powerful rally’ looms: Hodler’s Digest, May 11 – 17

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