Metaplanet Completes Massive Bitcoin Buying Spree with $1.2M Purchase
YEREVAN (CoinChapter.com) — Japanese investment and consulting firm Metaplanet has made headlines with its latest Bitcoin purchase. The company acquired an additional 20.38 BTC, worth approximately $1.2 million (200 million yen). The purchase completes its 1 billion yen ($6.26 million) Bitcoin acquisition plan, which the firm revealed in June.
On June 24, Metaplanet issued 1 billion yen worth of bonds to raise funds specifically for buying Bitcoin. The firm’s strategy is to hold Bitcoin for the long term.
Metaplanet Finalizes $6.26M Bitcoin Buying Goal
After a series of purchases, Metaplanet finalized its plan by acquiring 20.38 BTC at an average price of 9,813,061 yen ($62,574) per Bitcoin. This brings the company’s total Bitcoin holdings to 245.99 BTC, valued at approximately $16.5 million at current market prices. Over the course of its buying spree, the firm spent an average of 9,531,162 yen ($60,700) per Bitcoin.
The firm’s final purchase of 20.38 BTC completes its 1 billion yen BTC buying goal. The firm’s strategy has increased its Bitcoin holdings significantly.
Metaplanet Shares Surge 810% Following Bitcoin Investments
Following the completion of its Bitcoin buying spree, Metaplanet’s stock price saw a notable increase. According to Google Finance, the company’s shares surged by 19.31%, reaching 173 yen ($1.10) shortly after the announcement.
The rise in stock price is directly linked to the company’s Bitcoin acquisition and the overall positive sentiment in the market regarding digital assets.
Since its first Bitcoin purchase announcement on April 8, the company’s share price has skyrocketed from about $0.12 to $1.10. This represents an 810% increase, highlighting the market’s confidence in Metaplanet’s investment strategy.
Metaplanet, Dubbed ‘Asia’s First MicroStrategy’ by Jason Fang
Metaplanet’s approach to Bitcoin investment has drawn comparisons to MicroStrategy, a US business intelligence company known for its substantial Bitcoin holdings.
Jason Fang, founder of Sora Ventures, referred to the firm as “Asia’s first MicroStrategy,” indicating the company’s pivotal role in exposing the Japanese market to Bitcoin.
MicroStrategy’s similar move to adopt Bitcoin as a core treasury asset has been a significant talking point in the financial world. The firm’s strategy mirrors this approach, solidifying its position as a leader in the adoption of digital assets in Japan.
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