Japanese investment and consulting firm Metaplanet has successfully completed its plan to acquire 1 billion yen worth of Bitcoin.
On July 22, the company announced its final purchase of 20.38 BTC, valued at approximately $1.2 million (200 million yen), fulfilling the investment strategy initially revealed in June.
This announcement had an immediate positive impact on Metaplanet’s stock price, with shares surging by 19.31% to 173 yen ($1.10) within hours of the company making the announcement, according to Google Finance.
Metaplanet’s Bitcoin strategy, first announced on April 8, declared the cryptocurrency as a core treasury asset with an initial commitment of $6.5 million. The firm claimed it wants to position itself as a pioneer in digital asset adoption in Japan, viewing this move as a significant milestone in its strategic goals. It later announced on June 24 that it would issue 1 billion yen (approximately $6.26 million) in bonds to finance the acquisitions.
Since then, the company has aggressively acquired cryptocurrency. On July 16, Metaplanet bought 21.88 Bitcoin, valued at over $1.2 million. This followed a previous acquisition on July 7 of 42.5 Bitcoin for 400 million yen ($2.5 million).
With the latest purchase, Metaplanet’s total Bitcoin holdings now stand at 245.9 BTC, estimated to be worth around 2.45 billion yen (about $15.6 million). This latest purchase was made at an average price of 9,813,061 yen ($62,574) per Bitcoin.
This series of strategic investments highlights the growing interest of traditional financial institutions in cryptocurrency, particularly in the Japanese market. Metaplanet, in a statement published on May 13, 2024, stated that shifting to a Bitcoin-first and Bitcoin-only strategy is a “direct response to sustained economic pressures in Japan.” The firm notably pointed to the decline of the Japanese yen against the U.S. dollar as a major concern.
RELATED: Metaplanet Establishes Bitcoin-Focused Subsidiary in British Virgin Islands
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