Metaplanet, the Japanese public firm often compared to MicroStrategy, bought another $1.2 million (200 million Japanese Yen) worth of Bitcoin amid the latest BTC rally that drove prices above $65,000.
Metaplanet Expands Bitcoin Holdings
Metaplanet is increasing its Bitcoin investment. The latest acquisition, disclosed in a press release on July 16, brings Metaplanet’s total BTC stash to 225.6 BTC, valued at over $14.5 million.
*Metaplanet purchases additional 21.88 $BTC* pic.twitter.com/zCXzKFudog
— Metaplanet Inc. (@Metaplanet_JP) July 16, 2024
The purchase follows the recent one made a week ago when the company announced it acquired $42.46 Bitcoin for $2.5 million. The average purchase price per Bitcoin is around 9,142,021 yen, Metaplanet said.
Metaplanet made a momentous entrance into the Bitcoin market in April 2024, making Bitcoin its principal treasury reserve asset in a bid to maximize shareholder value through strategic, continuous Bitcoin accumulation. The company’s shift to Bitcoin was engendered by “sustained economic pressures in Japan, notably high government debt levels, prolonged periods of negative real interest rates, and the consequently weak yen”, according to a previous announcement.
Metaplanet’s Stock Jumps
Metaplanet buying more Bitcoin has greatly impacted the company’s market momentum, with its stock price rocketing by 25.8% during the Tuesday morning session to trade for ¥102.00, as per Google Finance. This is 344% higher than it was at the beginning of 2024.
By topping up its bag, the publicly traded Japanese investment adviser now referred to as “Asia’s MicroStrategy,” has fortified its place as the 21st largest corporate holder of BTC globally, CoinGecko data shows.
Although Metaplanet, with a valuation of around $96 million, is relatively small, its Bitcoin-accumulation strategy follows that of other publicly listed companies like Michael Saylor’s MicroStrategy that are adding the flagship cryptocurrency to their balance sheets. MicroStrategy held 226,331 BTC worth nearly $15 billion as of July 15.
