BlackRock and Metaplanet Buy $742M Bitcoin as Price Falls Below $60,000

Oct 11, 2024, 01:16 PM

BlackRock and Metaplanet have significantly increased their Bitcoin holdings amid a market dip. As Bitcoin's price fell below $60,000, BlackRock purchased $742 million worth of Bitcoin over the last 16 days, bringing their total holdings to approximately 369,822 BTC, valued at around $22.4 billion. This acquisition accounts for 1.76% of the Bitcoin supply. Metaplanet also invested another billion yen in Bitcoin during this period. The dip caused over $53 million in long liquidations. This strategic move by major financial entities highlights their confidence in the long-term value of Bitcoin despite short-term market fluctuations.