Japanese investment company Metaplanet has become the worldโs ninth-largest corporate holder of Bitcoin, continuing its aggressive strategy to promote Bitcoin adoption across Asia.
The company acquired an additional 1,088 Bitcoin (BTC) at an average price of $108,400 per coin for a total of $117.9 million, the investment firm announced in a June 2 X post.
The latest acquisition pushed Metaplentโs total holdings to over 8,888 BTC, making it the worldโs ninth-largest corporate Bitcoin holder, surpassing Galaxy Digital Holdingsโ 8,100 BTC, according to Bitbo data.
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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 Japanโs bond markets.
Andrรฉ Dragosch, head of European research at Bitwise Asset Management, told Cointelegraph that ongoing instability could drive Bitcoin to new highs by yearโs end.
โBased on todayโs default probability across all these G20 sovereign bonds, itโs already above $200,000 for Bitcoin,โ 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.
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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 โhealthyโ development that can provide the โsustainable foundationโ for the next leg up as leveraged positions reset and spot demand consolidates, analysts from Bitfinex told Cointelegraph, adding:
โBitcoinสผs ability to continue to consolidate above its short-term holder cost basis around $95,000 remains key.โ
โThe coming weeks will likely determine whether Bitcoinสผs latest breakout was a local high or the prelude to a more aggressive leg higher in Q3,โ said the analysts.
Meanwhile, some analysts are concerned about a potential bubble forming around Bitcoin proxy stocks, considering that Metaplanetโs Bitcoin premium soared to $596,000, meaning that the firmโs stockholders are paying more than five times the actual price of BTC through exposure to Metaplanet stock.
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