Metaplanet’s shares surged over 20% on the Tokyo Stock Exchange following the company’s latest acquisition of Bitcoin.
Japanese investment firm Metaplanet spent over $1.2 million to buy another group of Bitcoin (BTC) as it continues to double down on its long-term holding strategy amid sustained economic pressures in Japan.
*Metaplanet purchases additional 20.38 $BTC* pic.twitter.com/xt1AjSWPNL
— Metaplanet Inc. (@Metaplanet_JP) July 22, 2024
In an X post on Monday, the Tokyo-listed investment adviser said it had acquired 20.38 BTC for ¥200 million (around $1.2 million), bringing its total Bitcoin reserves to 245.992 BTC (over $16.6 million at current market prices).
Metaplanet shares | Source: Google
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Amid the news, Metaplanet’s shares on the Tokyo Stock Exchange soared in a moment by over 20% to $1.1, according to data from Google Finance. The purchases follow Metaplanet’s recent allocation of over $6.2 million for Bitcoin through the issuance of a second series of ordinary bonds issued via EVO FUND, which feature an annual interest rate of 0.5% and are set to mature on June 25, 2025.
The latest transaction comes just a week after the firm said it had acquired an additional 21.8 BTC as part of its plan to protect the firm amid Japan’s economic challenges, including high government debt, prolonged negative real interest rates, and a “consequently weak yen.”
According to data from BitcoinTreasuries.NET, Metaplanet began purchasing Bitcoin on April 23 and has since increased its holdings by 766% in U.S. dollar value. With the latest purchase, Metaplanet now ranks 21st, just behind Advanced Bitcoin Technologies, as per CoinGecko.
Read more: Japanese yen goes to zero against Bitcoin
