Metaplanet Shares Surge After its Third Million-Dollar Bitcoin Purchase
Metaplanet has experienced a double-digit surge in its shares following the disclosure of another million-dollar Bitcoin (BTC) purchase.
According to a statement released on June 11, Metaplanet acquired 23.25 Bitcoin (BTC), equivalent to nearly $1.59 million, marking the company’s third Bitcoin purchase within a span of seven weeks.
This brings their total Bitcoin holdings to 141.07 Bitcoin, valued at approximately $9.6 million.
The average purchasing price of BTC was $65,365 per coin or 10,278,391 Japanese yen.
With Bitcoin’s current price at $68,313, Metaplanet has gained 4.5% on its Bitcoin investment, as reported by CoinGecko.
Investors responded positively to this move, causing Metaplanet’s stock to rally by 10.8% to $0.59 or 92 Japanese yen.
However, the stock later settled at $0.57 or 89 Japanese yen on the Tokyo Stock Exchange by midday on June 11, according to Google Finance.
Since unveiling its Bitcoin investment strategy on April 9, 2024, Metaplanet’s stock has soared nearly fivefold.
The company’s initial Bitcoin purchase of 97.85 Bitcoin took place on April 23, followed by an additional 19.87 Bitcoin on May 10, as reported by Bitcoin Treasuries.
Metaplanet now stands as the 30th largest corporate holder of Bitcoin worldwide.
Similar to MicroStrategy, the largest corporate Bitcoin shareholder, Metaplanet announced on May 13 that it would adopt a range of capital market instruments to strengthen its Bitcoin reserves.
This strategy is intended to hedge against Japan’s escalating debt burden and the rapid depreciation of the Japanese yen.
Metaplanet highlighted Japan’s debt-to-GDP ratio of 261%, which is the highest among developed countries.
Over the past year, the Japanese yen has declined by approximately 35% against the
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