Metaplanet has continued its aggressive Bitcoin acquisition strategy with a recent purchase of 21.88 Bitcoin, valued at over $1.2 million (200 million Japanese yen).
This latest acquisition, announced on July 16, brings the Japanese firm’s total Bitcoin holdings to 225.6 BTC, with an estimated value of $14.6 million.
This move follows a previous purchase on July 7, when the company acquired 42.5 Bitcoin for 400 million Japanese yen ($2.5 million). At that time, Metaplanet’s holdings stood at 203.7 BTC, obtained at an average price of around 10 million yen ($62,000) per coin.
The recent acquisition, coupled with a 4.4% increase in Bitcoin’s price over the past 24 hours, has had a significant impact on Metaplanet’s market performance. The company’s share prices surged by 25.8%, reaching $0.74 (117 yen) within the first two and a half hours of trading on the Tokyo Stock Exchange, according to Google Finance. Currently, Bitcoin is trading at $65,000.
Metaplanet’s growing Bitcoin portfolio has positioned it as the world’s 21st-largest corporate holder of Bitcoin, according to data from CoinGecko.
Notably, to optimize its Bitcoin-related financial operations, Metaplanet established Metaplanet Capital Limited, a wholly-owned subsidiary in the British Virgin Islands (BVI). The entity was billed to commence operations in July 2024 with an initial capital of $10,000 and focus on holding Bitcoins and engaging in Bitcoin-related business activities. Metaplanet noted it chose BVI as its base to take advantage of the territory’s favourable regulatory environment to enhance its strategic management of Bitcoin holdings and support its global market expansion efforts.
Furthermore, on June 24, Metaplanet announced plans to issue 1 billion yen (approximately $6.26 million) worth of bonds to finance additional Bitcoin acquisitions for long-term holding. The company’s board of directors has approved the allocation of funds raised by issuing the second series of ordinary bonds (with guarantees) for this purpose.
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