Japanese Company Metaplanet Invests Extra $1.2 Million in Bitcoin, Shares Jump 26%
Japanese Company Metaplanet saw its stock price jump 25.8% during the Tuesday morning session after announcing that it has purchased additional bitcoin worth about $1.26 million.
Significant Bitcoin Acquisition
The Tokyo-listed company disclosed today that it bought an additional 200 million yen worth of bitcoin, equivalent to 21.877 BTC (+0.36%). This purchase increases Metaplanet’s total bitcoin holdings to 225.611 BTC, approximately 2.25 billion yen ($14.2 million).
Recent Bitcoin Purchase
This latest acquisition comes just a week after the company bought 42.47 BTC on July 8. In May, Metaplanet announced that it started to adopt bitcoin as its strategic treasury reserve asset. “The move is a direct response to sustained economic pressures in Japan, notably high government debt levels, prolonged periods of negative real interest rates, and the consequently weak yen,” the company stated at the time.
Stock Surge
Metaplanet’s stock surged about 25.81% in the morning session, according to Google Finance. Last month, Metaplanet announced that its board of directors had agreed to purchase bitcoin worth 1 billion yen ($6.26 million) using the capital raised through a round of bond issuance.
Historical Purchases
Data from Bitcointreasuries.net shows that Metaplanet previously purchased bitcoin on April 23, May 10, June 11, July 1, and July 8. This consistent acquisition strategy underlines the company’s commitment to incorporating bitcoin as a significant part of its treasury reserves.
Strategic Financial Moves
Metaplanet’s strategic decision to adopt bitcoin is influenced by Japan’s economic challenges, including high government debt, prolonged negative real interest rates, and a weak yen. By integrating bitcoin into its treasury reserves, Metaplanet aims to hedge against these economic pressures and position itself favorably within the evolving financial landscape.
Metaplanet Inc. Bitcoin Investment FAQ
What recent Bitcoin purchase did Metaplanet Inc. announce?
Metaplanet Inc. announced that it has purchased an additional 200 million yen worth of bitcoin, equivalent to about $1.26 million or 21.877 BTC. This purchase increased the company’s total bitcoin holdings to 225.611 BTC.
How did Metaplanet’s stock react to the announcement of the new Bitcoin purchase?
Metaplanet’s stock price surged by 25.8% during the Tuesday morning session following the announcement of the new Bitcoin purchase.
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