Metaplanet, a Bitcoin investment firm, has recently acquired an additional 21.88 Bitcoin, valued at over $1.2 million, during the recent surge in Bitcoin prices. This brings their total Bitcoin holdings to 225.6 Bitcoin, worth $14.6 million. As a result of this purchase and Bitcoin’s 4.4% price increase in the last 24 hours, Metaplanet’s share prices have risen by 25.8% to $0.74 on the Tokyo Stock Exchange. This is a significant increase compared to their stock price when they first introduced their Bitcoin investment strategy in April 2024. Despite this success, Metaplanet has only gained 2.8% on their Bitcoin holdings, considering their average purchase price of $62,890. CoinGecko ranks Metaplanet as the 21st-largest corporate holder of Bitcoin globally. The company’s strategy is similar to that of MicroStrategy, as they aim to strengthen their Bitcoin reserves by utilizing various capital market instruments. This approach serves as a hedge against Japan’s increasing debt burden and the depreciating value of the Japanese yen. Over the past year, the yen has fallen by nearly 54% against the US dollar, while Bitcoin has seen a 145% increase against the yen. Currently, Bitcoin is trading at $64,640, representing a 13.6% rise in the past week.
Metaplanet Acquires Additional 12 Million Worth of Bitcoin as Price Rebounds Approaching 65000