Metaplanet Inc. purchases 1 billion yen worth of Bitcoin

full version at cryptoslate

Quick Take

Metaplanet Inc. finalized its acquisition of 97.85 Bitcoins, amounting to a total purchase price of 1 billion Japanese yen. The investment and consulting company, listed on the Tokyo Stock Exchange, announced its purchase in a post on X on April 24.

Metaplanet Inc. first announced its plans to purchase Bitcoin on April 8. The Japanese company revealed that the acquisition will total 1 billion Japanese yen, equivalent to approximately $6.25 million. This move garnered significant attention as it would make it the first publicly traded company on the Tokyo Stock Exchange to purchase BTC.

In a post on X on April 8, MetaPlanet expressed enthusiasm about its new financial strategy, stating,

“Today, we’re thrilled to announce a groundbreaking shift in our financial strategy, as we embrace Bitcoin as the core treasury asset of the Company going forward by committing an initial JPY 1 billion. This strategic pivot is not just about embracing digital assets but also about pioneering a future where finance meets innovation at its core.”

Since the beginning of the year, Metaplanet Inc.’s share price has increased by 81%. Following the April 8 announcement, the company’s stock surged from 19 yen to 36 yen before settling around 29 yen as of April 26.

Metaplanet Share Price YTD: (Source: TradingView) — Graph showing the price of Metaplanet’s shares from Jan. 1 to April 25, 2024 (Source: TradingView)

Meanwhile, Japan is grappling with economic challenges, particularly in terms of its currency. The Japanese yen’s value against the dollar is nearing 157, a level not seen since 1990.