Key Takeaways
- Metaplanet's stock rose 21% after buying $1.27 million worth of bitcoin.
- The firm now holds a total of 245.992 BTC, valued at $15.5 million.
- Metaplanet has been purchasing bitcoin regularly since April.
Japanese investment firm Metaplanet Inc. experienced a 21% surge in its stock price during Monday morning trading after revealing an additional bitcoin purchase. The Tokyo-listed company announced it had acquired 20.381 BTC, equivalent to approximately 200 million yen ($1.27 million).
This acquisition increases Metaplanet’s total bitcoin holdings to 245.992 BTC, valued at around 2.45 billion yen ($15.5 million). With this latest purchase, Metaplanet has fulfilled its plan, announced on June 24, to buy 1 billion yen worth of bitcoin.
In May, Metaplanet began adopting bitcoin as its strategic treasury reserve asset in response to Japan’s economic challenges, such as high government debt, prolonged negative real interest rates, and a weak yen. The company has been actively purchasing bitcoin over the past few months, with acquisitions on April 23, May 10, June 11, July 1, July 8, and July 16, according to Bitcointreasuries.net.
The average purchase price for Metaplanet’s total bitcoin holdings stands at 9.96 million yen (approximately $63,250) per bitcoin.
