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.
“Take control of your crypto portfolio with Markets PRO, DeFi Planet’s suite of analytics tools.”