- Bitcoin struggles to reclaim $85,000 as the Fear & Greed Index signals prolonged market apprehension, reflecting investor concerns about the end of the November 2024 bull run
- Institutional investors, led by companies like Strategy and Metaplanet, continue to allocate Bitcoin as a reserve asset, showcasing confidence in its long-term value despite market dips
- Japanese firm Metaplanet acquires 150 BTC for $13.4M, raising its holdings to 3,300 BTC, with ambitious plans to reach 10,000 BTC by year-end and 21,000 BTC by 2026
The most recent market dip that caused Bitcoin to lose almost $20k off of its price per coin has ignited apprehension among investors, fearing that the November 2024 bull run may finally be over.
This sentiment is reflected by the ‘Fear & Greed Index’, which has registered ‘Fear’ of even ‘Extreme Fear’ levels for over a month now. This negative market sentiment has impacted Bitcoin, as the token faces incredible difficulty in reaching the $85,000 zone as of late.
While retail investors may be more open to letting go of their crypto, the newfound trend among institutional investment of allocating Bitcoin and other digital assets as a reserve of value continues strong.
Led by Strategy — the company formerly known as MicroStrategy — publicly traded companies have ramped up their Bitcoin acquisition since November, some acquiring sizable amounts of BTC in a single purchase.
Metaplanet Ramps up its Bitcoin Holdings
Just today, Japanese investment firm “Metaplanet” has acquired another 2 billion Yen in Bitcoin, driving the company to own one of the largest Bitcoin holdings in the world, among publicly traded companies.
Metaplanet purchased the 150 BTC at an average estimated cost of $83,508 per Bitcoin. Moreover, the purchase is equivalent to around $13.4 million in United States Dollars.
The company issued bonds to raise 2 billion yen, or roughly $13.3 million, to fund the latest Bitcoin acquisition. As of now, Metaplanet owns 3,300 BTC, the 12th largest holdings among public companies.
However, this sizable amount does not mean the Japanese firm is planning to stop its ongoing BTC purchases. Metaplanet plans to end the year owning 10,000 BTC and later plans to achieve a holding of 21,000 BTC by the end of 2026.
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