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Japan’s Metaplanet Buys Bitcoin Worth 200M Yen, Share Price Jumps 60% MoM – Crypto News

Published

1 year ago

July 1, 2024

Dripp

Japan’s public-listed firm Metaplanet is on a Bitcoin buying spree! In a fresh announcement earlier today, Metaplanet declared the purchase of 20.2 Bitcoins worth 200 million Yen at an average purchase price of 9,903,441 Yen ($61,487). With the Bitcoin price surging all the way to $63,500, Metaplanet is already minting profits on today’s acquisition.

MetaPlanet on Bitcoin Buying Spree

Drawing a leaf from MicroStrategy’s playbook, Metaplanet has been on a Bitcoin acquisition spree over the past two months. The company also announced a $7 million bond sale in June to buy Bitcoins from the proceeds.

*Metaplanet purchases additional 20.20 $BTC* pic.twitter.com/4tCRWAc2an

— Metaplanet Inc. (@Metaplanet_JP) July 1, 2024

With today’s acquisition, the total Bitcoin holdings of Metaplanet now stand at 161 BTC, amounting to 1.65 billion yen with an average purchase price of 10,231,438 Yen per BTC ($63,535). It seems that following the footsteps of MicroStrategy, Metaplanet might also achieve the feat of holding $1 billion worth of Bitcoin in the years to come.

Also Read: MicroStrategy Announces $500M Notes Sale To Buy More Bitcoin

The recent pivot to adopting a Bitcoin strategy by Metaplanet comes on the backdrop of a weakening Japanese Yen. Last week, the Yen touched a low of ¥160.8 against the USD, its weakest level since 1986. The monetary policy decision by the Bank of Japan has further pushed the Yen to new lows against the USD. With the local currency losing its purchasing power, more and more companies could be pivoting towards adopting a Bitcoin strategy in Japan.

Stock Price Rallies 61%

Over the last month, the Metaplanet stock (TYO: 3350) gained a staggering 61% shooting past 100 JPY as of press time. Since the beginning of 2024, the Metaplanet stock price is up by a staggering 525%. This is exactly the replica of how the MicroStrategy (NASDAQ: MSTR) stock behaved following their Bitcoin acquisition.

Thus, if the Bitcoin price rebounds from here triggering a rally to $100K, we can expect the Metaplanet stock to rally further to new highs. One thing is clear corporates have started under the importance of Bitcoin as a store of value and a hedge against the falling fiat. Furthermore, the trust in traditional investment funds is also on a decline.

Also Read: MSTR Price Plummets 9% Amid MicroStrategy’s $6.33B Profit Milestone

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