Japan’s Metaplanet Buys Another Bitcoin Dip, Will The Stock Rally Continue?
Every passing week, Japan’s public-listed firms continue to add more and more Bitcoins to their stash. Making the most of this Bitcoin price dip, Metaplanet purchased an additional 42.47 Bitcoins worth 400 million yen or 2.42 million USD. Interestingly, the Bitcoin purchase comes as the BTC price crashed under $54,500 earlier today.
Metaplanet on Bitcoin Accumulation Spree
The Japanese firm Metplanet has made a strong pivot by adopting a Bitcoin accumulation strategy. As a result, it is also popularly referred to as the MicroStrategy of Japan. Metaplanet is expanding its Bitcoin investment strategy by establishing a new subsidiary in the British Virgin Islands. This move aims to bolster its position in the cryptocurrency market and increase its Bitcoin reserves as part of its long-term financial strategy.
*Metaplanet purchases additional 42.47 $BTC* pic.twitter.com/dPotWszW1Y
— Metaplanet Inc. (@Metaplanet_JP) July 8, 2024
With continuous accumulation over the last month and more, Metaplanet has accumulated a total of 203.734 Bitcoins with a total investment value of 2.05 billion yen. Metaplanet’s market cap currently stands at 14.5 billion JPY, with Bitcoin holdings on its balance sheet amounting to 2 billion JPY. The percentage of Bitcoin as part of Metaplanet’s total assets continues to rise with some market analysts expecting it to exceed 100% in the near future.
Dylan LeClair, the Director of Bitcoin Strategy at Metaplanet, is the braid behind all these bold moves. In one of these latest podcasts, Leclair said: “Japan’s favorable environment for Bitcoin adoption presents a unique opportunity for corporate strategy and growth”. Furthermore, LeClair is also gaining popularity as the ‘Michael Saylor’ of Metaplanet.
It was an honor to join the man who helped kickstart the #Bitcoin circular economy in El Salvador, Mike Peterson (@Bitcoinbeach), on his podcast.
We discussed the economical revival of El Salvador, global BTC adoption and the Metaplanet strategy.https://t.co/Xr2idqu3jl
— Dylan LeClair
(@DylanLeClair_) July 7, 2024
Also Read: Metaplanet To Buy $7M Bitcoin Using Bond Sales
All Eyes on the Stock Price
Metaplanet Stock price has registered significant gains ever since the company adopted a Bitcoin strategy. After seeing some volatility earlier today, the stock price has gained 2.5% in the post-lunch trading session in Japan, following the Bitcoin buying news.
Since the beginning of 2024, the Metaplanet stock is already up by 382%, a large part of it fueled by the company’s Bitcoin adoption strategy. Last month, the Metaplanet share price reached a high of 107 JPY. It will be interesting to see if this rally can continue further.
The Bitcoin price has crashed another 5.8% in the last 24 hours slipping to an intraday low of $54,420. However, it has bounced back partially to $55,500 following today’s Metaplanet’s BTC purchase.
Also Read: Metaplanet Boosts Bitcoin Strategy With 10:1 Share Consolidation
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