Metaplanet's Bitcoin Acquisition Amid Mt. Gox Test Transactions

By: Isha Das

Bitcoin price briefly surged past the $68,000 mark recently following an announcement from President Joe Biden stating he would not seek re-election in the upcoming November elections. However, the leading cryptocurrency has slightly retraced to $67,206 as of press time amid continued Bitcoin purchases by Tokyo-listed firm Metaplanet and test transactions from the bankrupt crypto exchange, Mt. Gox.

Metaplanet's Bitcoin Acquisition

Metaplanet revealed in a recent notice that it acquired an additional 20.381 BTC for 200 million yen, equivalent to approximately $1.27 million. This latest purchase brings Metaplanet's total Bitcoin holdings to 245.992 BTC, fulfilling their June 24 plans to acquire 1 billion yen worth of the top digital asset. Over the past several months, Metaplanet has been consistently acquiring Bitcoin as part of its ongoing strategy to adopt Bitcoin as a treasury reserve asset. The firm sees this move as a necessary protective measure against Japan's current economic conditions, where the national currency has been struggling significantly against the U.S. dollar.

According to CoinGecko data, Metaplanet's sequence of Bitcoin acquisitions has propelled the company into the rankings of the top 20 public companies holding Bitcoin. The company's stock performance has also seen a substantial gain, increasing by 19% following its recent Bitcoin purchases.

Mt. Gox Test Transactions

Blockchain analytical firm Arkham Intelligence reported that bankrupt crypto exchange Mt. Gox conducted several test transactions earlier today, July 22. These transactions involved deposits of $1 to four separate Bitstamp deposit addresses. Bitstamp is one of the five exchanges collaborating with the Mt. Gox Trustee to facilitate creditor repayments. Arkham noted these transfers likely represent test transactions.

Despite these transfers, Mt. Gox's wallets still hold over 90,000 BTC, worth around $6.09 billion, according to Arkham's platform. Last week, Kraken, another crypto exchange working with Mt. Gox on creditor fund distribution, confirmed the receipt of assets sent to its platform, announcing that users would be credited with funds as soon as possible.

The continuation of Metaplanet's strategic acquisitions alongside Mt. Gox test transactions exemplifies the dynamic environment within the cryptocurrency space, where substantial institutional moves and legacy issues co-exist, impacting market perception and value.