Metaplanet’s buying spree and Mt. Gox test transactions follow Bitcoin’s brief $68K climb Metaplanet’s buying spree and Mt. Gox test transactions follow Bitcoin’s brief $68K climb
Bitcoin price has shown a varied performance amid the several maket developments during the past day.
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Updated: Jul. 22, 2024 at 2:55 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin price briefly traded above the $68,000 mark the past day after President Joe Biden decided not to seek re-election in the November elections.
However, the digital asset has slightly retraced to $67,206 as of press time amid news of Metaplanet’s continued Bitcoin purchase and bankrupt Mt. Gox’s repayment plans.
Metaplanet buys Bitcoin
The Tokyo exchange-listed Metaplanet revealed that it purchased 20.381 BTC for 200 million yen, equivalent to $1.27 million, according to a July 22 notice.
The firm said this latest acquisition brings its total Bitcoin holdings to 245.992 BTC and completes its June 24 plans to buy 1 billion yen of the top digital asset.
Over the past months, Metaplanet has consistently acquired BTC as part of its ongoing strategy to adopt the top crypto as a treasury reserve asset. The company said this move was necessary to protect it against the recent economic conditions in Japan, where the national currency has struggled considerably against the US dollar.
CoinGecko data shows that the company’s slew of BTC purchases has propelled it into the rankings of the top 20 public companies holding Bitcoin.
Mt. Gox test transactions
Blockchain analytical firm Arkham Intelligence reported that the bankrupt crypto exchange Mt. Gox made several test transactions to the Bitstamp exchange earlier today, July 22.
According to the platform:
“Mt. Gox addresses deposited $1 to 4 separate Bitstamp deposit addresses. Bitstamp is 1 of 5 exchanges working with the Mt. Gox Trustee to facilitate creditor repayments.”
“These transfers are likely to represent test transactions,” Arkham added.
Mt. Gox wallet holds more than 90,000 BTC worth around $6.09 billion despite these transfers, according to Arkham’s platform.
Last week, Kraken, another crypto exchange Mt. Gox was working with to distribute creditors’ funds, confirmed receipt of the assets sent to its platform. The exchange told users that it would work to credit the funds to their account “as soon as possible.”
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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.
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Mt. Gox
Mt Gox was a bitcoin exchange based in Shibuya, Tokyo, Japan that was launched in July 2010.
Joe Biden, byname of Joseph Robinette Biden Jr., is an American politician and the 46th and current president of the United States.