Bitcoin-stacking investment firm Metaplanet has made a significant move by purchasing an additional 21.88 Bitcoin, valued at over $1.2 million (200 million Japanese yen), amid a recent Bitcoin rally that has driven prices close to $65,000.
In its latest purchase statement dated July 16, the Japan-based firm revealed that its total Bitcoin holdings now stand at 225.6 Bitcoin, valued at approximately $14.6 million.
This recent acquisition, coupled with a 4.4% rise in Bitcoinâs price over the last 24 hours, has led to a notable surge in Metaplanetâs share prices.
According to Google Finance data, the companyâs shares jumped 25.8% to $0.74 (117 yen) within the first two and a half hours of trading on the Tokyo Stock Exchange on July 16.
Earlier this month, Metaplanet took advantage of a dip in Bitcoinâs price, purchasing an additional 42.46 Bitcoin on July 7 for $2.5 million (400 million yen).
This strategic move has contributed to the firmâs stock price soaring nearly six-fold since it announced its Bitcoin investment strategy on April 9, 2024.
Despite the impressive growth in its stock price, Metaplanetâs overall gain on its Bitcoin holdings is modest at 2.8%, given its average Bitcoin purchase price of $62,890.
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According to CoinGecko, Metaplanet is currently the 21st-largest corporate holder of Bitcoin globally.
Often referred to as âAsiaâs MicroStrategy,â Metaplanet mirrors the investment approach of Michael Saylorâs MicroStrategy from 2020.
On May 13, Metaplanet reiterated its commitment to utilizing a full range of capital market instruments to enhance its Bitcoin reserves.
The firm adopted this strategy as a hedge against Japanâs escalating debt and the rapidly depreciating Japanese yen.
Since January 2021, the yen has depreciated nearly 54% against the U.S. dollar, while Bitcoin has appreciated over 145% against the yen in the past year.
Currently, Bitcoin is trading at $64,640, marking a 13.6% increase over the past week.
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