Metaplanet Doubles Down On Bitcoin, Institutional Demand To Push BTC Higher?

Japanese-based company Metaplanet has announced plans to acquire more Bitcoin (BTC) amid the recent market sentiment. The company informed members of the 11th series of stock acquisition rights by the management. This comes on the heels of speculations on Bitcoin price in the coming weeks as investors set sights on macroeconomic factors.

Metaplanet To Buy More Bitcoin 

Metaplanet has disclosed plans to buy more Bitcoin adding to its growth portfolio. In a Sept 9 company disclosure, the firm announced the 11th series of stock acquisition rights by its management with associated guidelines and delivery details. Per the release, the delivery date comes after Sept 18 when shares will be issued to the general investors. 

“The company also announces the full amount of the exercise price corresponding to the number of warrants exercised has been received by today. The funds received will be used to purchase Bitcoin. The exercisers and the number and amounts of exercised warrants are as follows…”

In total 540,000 warrants are to be exercised and 299,700,000 yen used to purchase Bitcoin. Metaplanet continued to double down on its crypto investment with a series of BTC purchases. Recently, Metaplanet announced a 500 million yen purchase of the top crypto assets by market cap. Digital asset users have hailed the company’s efforts to increase its holdings and diversify its balance sheet. The company acquired $7 million worth of BTC in June through bond sales.

Will Institutional Demand Drive BTC? 

This year, Bitcoin tapped an all-time high on the back of institutional demand after the approval of spot Bitcoin ETFs in the United States by the Securities and Exchange Commission (SEC). As a result, traditional institutions increased their exposure to the asset up to its price. At press time, Bitcoin price trades below $56,000 amid recent sentiments.

The Proof of Workforce Foundation (POWF) and the Careers in Government Inc. partnered to introduce Bitcoin to public sector employment. A key focus will be on integrating the asset into welfare packages prioritizing innovation. This development alongside recent Metaplanet purchases points to increased demand in the sector.

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David Pokima
CoinGape