Bitcoin price fluctuates amid Metaplanet acquisition and German sales Bitcoin price fluctuates amid Metaplanet acquisition and German sales
Metaplanet buys 42.466 BTC as Germany offloads 1,000 BTC.
2 min read
Updated: Jul. 8, 2024 at 10:33 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin price started the new week by continuing the downward trend that impacted its price last week before rallying during early EU trading hours.
According to CryptoSlate’s data, the BTC price fell to as low as $54,450 during the reporting period and recovered to $57,900 as of press time.
Metaplanet buys
Japan-based Metaplanet now holds more than 200 BTC following its latest acquisition of the flagship digital asset, according to a July 8 notice.
The firm stated that it acquired 42.466 BTC for ¥400 million ($2.48 million) at an average purchase price of ¥9.4 million ($58.500).
With this purchase, Metaplanet now holds 203.734 BTC, valued at $12.7 million, at an average price of $62,500.
Metaplanet stated that this purchase follows the June 24 agreement by its board of directors to purchase BTC worth 1 billion yen ($6.3 million) with capital raised through bond issuance.
Meanwhile, these moves align with the company’s new focus on Bitcoin as a primary asset reserve. Metaplanet is the first publicly traded company on the Tokyo Stock Exchange to invest in Bitcoin and has been consistently acquiring the asset over recent months.
Data from Google Finance shows that this strategy has bolstered the firm’s stock performance, which has risen about 400% year-to-date.
Germany continues Bitcoin sales
In a parallel development, the German government has continued its heavy Bitcoin-selling activity.
Earlier today, a crypto address linked to the German government transferred around 1,000 BTC to centralized exchanges Coinbase and Bitstamp, and an unknown address.
Data from the crypto analytics platform Arkham Intelligence showed that the government moved 250 BTC each to Coinbase and Bitsamp, while the 500 BTC balance was sent to the unlabeled address.
Reports suggest this address might belong to an over-the-counter desk or a market maker. Notably, this is not the first interaction with this address, as the government has sent nearly 2,000 BTC to this wallet in the past three days.
Meanwhile, these recent transfers continue a trend that began last month, with the government selling over 10,000 BTC and negatively impacting the flagship asset’s price. As of press time, the German government still holds $2.2 billion worth of the top digital asset.
Last week, Tron founder Justin Sun offered to purchase Bitcoin from the German government off-market to mitigate the negative impact on BTC’s price.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Metaplanet
Metaplanet Inc., a publicly traded company listed on the Tokyo Stock Exchange (3350), is a Japanese company that has undergone a strategic transformation to focus on Bitcoin.