The post Japan’s Metaplanet Purchased an Additional 108.786 Bitcoin, Stock Surges 13% appeared first on Coinpedia Fintech News
Metaplanet Inc. (Tokyo:3350), a Japanese long-standing company that deals with hotel asset management and operations, announced earlier today that it had acquired an additional 108.786 Bitcoins, for about $6.7 million at an average price of around 61.9k. As a result, the company now holds a total of 639.503 Bitcoins, worth approximately $40.5 million.
According to Simon Gerovich, the CEO of the 25-year-old company, the company is working with other companies to ensure a seamless Bitcoin strategy in the long haul. For instance, Metaplanet has been working with Hoseki, a startup that enables investors to provide proof of funds.
.@Metaplanet_JP has purchased an additional 108.786 #bitcoin for ¥1 billion at an average price of ¥9,192,359 per $BTC. As of October 7, Metaplanet holds ~639.503 bitcoin acquired for ¥5.965 billion at an average price of ¥9,326,856 per $BTC. #メタプラネット pic.twitter.com/1drY3HO77l
— Simon Gerovich (@gerovich) October 7, 2024
Bitcoin Strategy and Impact on Metaplanet Stock Market
The adoption of the Bitcoin strategy has been a game changer for Metaplanet’s stock market year-to-date. According to the latest market data, Metaplanet’s shares have risen around 500 percent YTD.
In the past 24 hours, the company’s stock market rallied over 13 percent to trade at about ¥1,042, following the announcement of an additional Bitcoin acquisition. As a result, the company’s valuation has now risen to over $107 million and is likely to rally further amid the ongoing macro Bitcoin’s bull run.
Furthermore, Bitcoin has been identified as a global asset that is fast digitizing the gold market and thus outpacing other asset classes. For instance, the US Spot Bitcoin ETFs have rallied to over $60 billion in assets under management (AUM) in the past few months of operation.
As Coinpedia previously reported, MicroStrategy has remained committed to its Bitcoin strategy and currently holds over 252,220 BTCs, which is more than 1 percent of the total supply.
