As a seasoned researcher with a deep understanding of the financial markets, I have closely followed Metaplanet’s strategic moves in Bitcoin investment. Their recent announcement of purchasing an additional 21.88 Bitcoins worth $1.2 million when the price hit close to USD65,000 is particularly intriguing to me.
As a crypto investor, I could rephrase that as: When the price of a single Bitcoin approached USD65,000, Metaplanet, a Japanese company, bought an equivalent of 21.88 Bitcoins for around USD1.2 million or JPY200 million in the market.
Metaplanet currently owns a total of 225.6 Bitcoin based on their statement made on July 16, which is equivalent to approximately $14.6 million. In an earlier purchase on July 7, they acquired 42.46 Bitcoin for around $2.5 million or 400 million Japanese Yen.
*Metaplanet purchases additional 21.88 $BTC* — Metaplanet Inc. (@Metaplanet_JP) July 16, 2024
The company’s strategic decision unfolded with Bitcoin’s price climbing 4.4% in the last 24 hours, bringing it nearer to hitting $65,000. This escalation not only improved Bitcoin’s market standing but also fueled Metaplanet’s stock prices by 12.90%, reaching $0.70 (105 Japanese Yen) during early trading on the Tokyo Stock Exchange.
As a researcher studying the financial market trends, I can tell you that Metaplanet has been actively taking advantage of Bitcoin’s price changes. They recently bought an extra 42.46 Bitcoins on July 7 for approximately $2.5 million, which is equivalent to around 400 million Japanese Yen. Since announcing their Bitcoin investment strategy on April 9, 2024, the value of Metaplanet’s stocks has experienced a remarkable surge, nearly quintupling in value.
Metaplanet’s Bitcoin holdings have only seen a modest 2.8% growth, despite significant increases in the company’s stock price. This is largely due to the fact that Metaplanet paid an average of $62,890 per Bitcoin for its holdings. However, with this substantial stash, Metaplanet now ranks as the 21st-largest corporate holder of Bitcoin in the world, according to CoinMarketCap.
Metaplanet has been nicknamed “Asia’s MicroStrategy” due to its similar approach. Like MicroStrategy, the world’s largest corporate Bitcoin holder, Metaplanet announced on May 13 its plan to employ various capital market tools in order to increase its Bitcoin holdings further.
One way to rephrase this statement in clear and conversational language: This approach is designed to protect against Japan’s escalating debt obligations and the weakening Japanese yen, which has lost almost half its value against the US dollar since the beginning of 2021. In contrast, Bitcoin’s worth versus the yen has surged by an impressive 145% during the previous year.
Bitcoin currently holds a robust position at $63,752, representing a significant 2.53% surge over the past week’s span. Metaplanet’s decisive move towards Bitcoin investment underscores their belief in its enduring worth amidst global economic instability.
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2024-07-16 10:08