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Metaplanet Completes 1 Billion Yen Bitcoin Purchase, Stock Soars 19%

22 July 2024
in Business, News
Reading Time: 3 mins read
108 1
Home Business

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

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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