Japan’s Metaplanet Buys Another Bitcoin Dip, Will the Stock Rally Continue?

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Metaplanet’s stock price has surged 2.5% in post-lunch trading following the latest Bitcoin acquisition news. The company’s BTC holdings as a percentage of its market cap continues to rise.

The company has a market cap of 14.5 billion JPY and 2 billion JPY in Bitcoin holdings.

Every passing week, Japan’s public-listed firms continue to add more and more Bitcoins to their stash. Making the most of this Bitcoin price dip, Metaplanet purchased an additional 42.47 Bitcoins worth 400 million yen or 2.42 million USD. Interestingly, the Bitcoin purchase comes as the BTC price crashed under $54,500 earlier today.

*Metaplanet purchases additional 42.47 $BTC* pic.twitter.com/dPotWszW1Y

— Metaplanet Inc. (@Metaplanet_JP) July 8, 2024

Metaplanet on Bitcoin Accumulation Spree

The Japanese firm Metplanet has made a strong pivot by adopting a Bitcoin accumulation strategy. As a result, it is also popularly referred to as the #BTC_Bounce_Back_to_57k #Ton_Coin_Surge #BinanceTurns7 #SOFR_Spike #US_Job_Market_Slowdown MicroStrategy of Japan.