A Japanese public company, Metaplanet’s shares surged following its announcement of the third one-million-dollar Bitcoin purchase in seven weeks, acquiring 23.25 BTC for nearly $1.59 million.
As the company stated on June 11, Metaplanet purchased 23.25 Bitcoin (BTC), which cost nearly $1.59 million, thus increasing its total BTC holding to 141.07 Bitcoin, worth $9.6 million.Â
The average purchase price per Bitcoin is now $65,365 (10,278,391 JPY). At the current price of $68,789, this investment represents a 4.5% gain, according to the data from CoinMarketCap.
The investors responded positively to the news and Metaplanet’s stock rose by 10.8% to $0.59 (92 Japanese yen) on the Tokyo Stock Exchange. Since the company announced its Bitcoin investment plan on April 9, 2024, its stock has risen almost five times.
In the case of Metaplanet, the Bitcoin experience started with the first buy of 97.85 Bitcoin on April 23, then an additional 19.87 Bitcoin on May 10. Consequently, it has climbed to the 30th position among the largest corporate Bitcoin holders.
Like MicroStrategy, Metaplanet plans to use a range of capital market instruments to increase its Bitcoin holdings. This move is intended to counterbalance the increasing debts in Japan and the depreciation of the Japanese yen.
Metaplanet is at present the only listed company on the Tokyo Stock Exchange and is looking to open up its fundraising channels to include US investors.
This development is in line with the increasing number of firms using Bitcoin as a reserve currency amidst global economic instability, especially on issues to do with currency depreciation and debt.
