Japanese fashion firm ANAP has said that it purchased 10 billion Yen (approximately $70 million) of Bitcoin (BTC) as part of a new investment strategy.
In the announcement, the company explained that this was within the group’s investment strategy approved by the Board of Directors.
ANAP stated that this is a long-term plan. The firm feels that Bitcoin is turning into a significant international asset, similar to the US Dollar and gold.
According to ANAP, this global trend is “irreversible,” meaning that Bitcoin’s importance will likely keep growing. The company also believes Bitcoin’s value still has a lot of room to grow, especially when compared to the Japanese Yen.
With this step, ANAP joins other companies like MetaPlanet, another Japanese firm that is also adopting a Bitcoin-focused strategy. MetaPlanet recently raised $10 million through zero-interest bonds to buy more BTC. These kinds of moves show that more companies in Japan are seeing Bitcoin as a smart investment.
This trend is not just limited to Japan. MicroStrategy, a US-based business led by Michael Saylor, is the largest public company holding Bitcoin. In total, the company now holds 531,644 BTC, which it purchased for over $35.9 billion, at an average price of $67,556 per coin.
These large Bitcoin purchases by well-known companies signal growing institutional confidence in Bitcoin as a reliable store of value. Many in the crypto space see this as a strong support for the BTC price in the long run.
After ANAP’s $70 million Bitcoin purchase, crypto analyst Titan of Crypto pointed to a BTC breakout on the 1-hour chart. He said the move followed a fakeout to the downside, with short-term targets at $85,500 and $86,400, though he warned it could be another fakeout.
Still, Titan remains bullish, noting the bounce is valid as long as BTC stays above the weekly 50 EMA. If that support holds, he sees potential for a rally to $123,000.
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