Japan’s fashion brand ANAP has announced the purchase of millions worth of Bitcoin as part of its investment strategy. The company follows in the footsteps of companies like MicroStrategy and fellow Japanese company MetaPlanet.
Japan’s ANAP Acquires $70 Million BTC As Part Of Investment Strategy
Japan’s ANAP announced in a press release that it has acquired 10 billion Yen worth of BTC (around $70 million) for its Bitcoin treasury. The company stated in the release that it had made this move as part of the group’s investment strategy, which the Board of Directors had agreed upon.
Interestingly, the company stated that the global trend of people viewing Bitcoin as a major global asset alongside the US Dollar and gold is irreversible. Furthermore, the Japanese fashion retailer stated that it believes BTC’s presence will continue to grow in the medium to long term and that there is sufficient room for its value to increase against the Japanese Yen.
Japan’s ANAP joins MetaPlanet, another Japanese company, which has long adopted a Bitcoin Strategy. It is worth mentioning that MetaPlanet has issued $10 million in zero-interest bonds to fund another round of Bitcoin purchases.
Meanwhile, this again highlights the growing institutional interest in Bitcoin, which is a major positive for the BTC price. MicroStrategy continues to lead the way as the public company with the largest BTC holdings.
Michael Saylor’s company recently acquired 3,459 BTC for $285 million and currently holds 531,644 coins, which it acquired for $35.92 billion at an average price of $67,556 per Bitcoin.
Bitcoin Breakout Still In Play
Amid Japan’s ANAP’s BTC purchase, crypto analyst Titan of Crypto has revealed that a Bitcoin price breakout is in play on the 1-hour timeframe. He remarked that after a fakeout to the downside, BTC finally broke out to the upside.
Titan of Crypto stated that the first target on this breakout is the previous daily high of $85,500, while the second target is the Tuesday high of $86,400. The crypto analyst cautioned that this could be another fakeout.
However, in another post, the analyst remarked that the Bitcoin bounce is still valid. He added that as long as the weekly 50 EMA holds, the move is still in play. His accompanying chart showed that BTC could rally to as high as $123,000 on this bounce.
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