Bitcoin Price Drops Below $113,000 Amidst Significant Purchases by MicroStrategy and Metaplanet

Bitcoin (BTC) recently experienced a dip in price, trading below the $113,000 mark (₩155 million), as industry giants MicroStrategy and Metaplanet strategically expanded their Bitcoin holdings through substantial acquisitions. These new developments underscore the increasing attention corporate entities continue to pay to Bitcoin as a key asset in their financial strategies.

MicroStrategy Adds to Its Bitcoin Arsenal with $100 Million Purchase

On October 22, Michael Saylor, Chairman and Co-Founder of MicroStrategy, announced on the social media platform X (formerly Twitter) that the company had acquired an additional 850 Bitcoins. Purchased at an average price of $113,344 (₩161 million) per Bitcoin, the transaction totaled approximately $99.7 million (₩137 billion), according to filings with the U.S. Securities and Exchange Commission (SEC). This acquisition was financed through the issuance of MicroStrategy shares, highlighting the company's ongoing commitment to increasing its Bitcoin reserves.

The new acquisition brings MicroStrategy’s total Bitcoin holdings to an impressive 158,245 BTC. The company’s cumulative acquisition cost stands at $4.733 billion (₩64.86 trillion), with an average purchase price of roughly $29,582 per Bitcoin. Based on the current market valuation, MicroStrategy’s Bitcoin holdings are now worth $7.247 billion (₩99.3 trillion), reflecting a remarkable return of approximately 53%. This strategic move further solidifies the company’s position as the largest corporate holder of Bitcoin, reinforcing its bullish stance on the long-term potential of this cryptocurrency.

Metaplanet Makes Its Largest Bitcoin Purchase to Date

MicroStrategy wasn’t the only major player making waves in the Bitcoin market. Japan-based Metaplanet, led by CEO Simon Gerovich, revealed on X that the company had made a historic purchase of 5,419 Bitcoins. Acquired at an average price of $113,724 (₩160 million) per Bitcoin, the transaction totaled $632.53 million (₩867 billion). This marks the largest Bitcoin purchase in Metaplanet’s history and represents a significant milestone for the company.

Following this acquisition, Metaplanet’s total Bitcoin holdings have surged to 25,555 BTC. This massive increase elevates Metaplanet into the ranks of the top five corporate Bitcoin holders worldwide, further showcasing the growing trend among multinational corporations to allocate significant capital to digital assets. This unprecedented move signals Metaplanet’s confidence in Bitcoin as a store of value and a hedge against macroeconomic instability.

Expert Analysis: Strong Demand Continues to Support Bitcoin Prices

Despite a short-term downturn in Bitcoin prices, market experts suggest that sustained institutional interest provides a strong foundation for price stability. Axel Adler Jr., an analyst at CryptoQuant, highlighted that Bitcoin’s potential demand indicator had recently climbed to 95,800 BTC. He stated, “Although there is short-term bearish pressure, steady buying demand continues to support prices.”

The ongoing purchases by leading corporations like MicroStrategy and Metaplanet reflect this sustained demand, mitigating the effects of broader market volatility and reaffirming Bitcoin’s position as a sought-after asset.

Current Bitcoin Market Trends

As of 2:26 p.m. on October 23, Bitcoin was trading at $112,807 on CoinMarketCap, reflecting a 1.55% decline from the previous day. This slight dip in price comes amidst a period of heightened market activity fueled by notable corporate acquisitions.

The continued interest from institutions such as MicroStrategy and Metaplanet emphasizes the role of Bitcoin in diversifying portfolios and acting as a hedge against inflation and economic uncertainty. As adoption increases, market participants are likely to keep an eye on both macroeconomic trends and the strategic moves of major Bitcoin holders.

Stay informed on the latest developments in the crypto space by following Block Media on Google News or joining their Telegram channel for breaking news.