As a crypto investor with experience in following Japanese markets, I’m thrilled to see Metaplanet’s recent Bitcoin purchases and the positive response from the market. The company’s strategic move to increase its BTC holdings has not only boosted its stock price but also positioned it among the top corporate Bitcoin holders.
Metaplanet, a Japanese corporation listed on the stock exchange, experienced a significant increase in share value after disclosing its latest acquisition of 23.25 Bitcoins for approximately $1.59 million – marking their third such purchase within seven weeks.
I recently discovered that on June 11th, Metaplanet acquired 23.25 Bitcoins (BTC), costing approximately $1.59 million. With this purchase, the company’s overall BTC holdings now amount to 141.07 Bitcoin, equating to around $9.6 million in value.
*Metaplanet purchases additional 23.35 $BTC* — Metaplanet Inc. (@Metaplanet_JP) June 11, 2024
On average, each Bitcoin transaction cost around $65,365 (approximately 10,278,391 JPY). Currently, the price is at $68,789, resulting in a 4.5% profit based on this earlier investment, as indicated by CoinMarketCap’s data.
The investors showed enthusiasm towards the news and Metaplanet’s share price increased by 10.8% to hit $0.59 (92 Japanese yen) on the Tokyo Stock Exchange. Following the company’s announcement of its Bitcoin investment strategy on April 9, 2024, its stock has experienced a nearly fivefold growth.
As a Bitcoin analyst, I’ve traced Metaplanet’s journey back to its early Bitcoin acquisitions. On April 23, they purchased their first 97.85 Bitcoins, followed by an additional 19.87 Bitcoins on May 10. These transactions have propelled Metaplanet into the ranks of top corporate Bitcoin holders, now occupying the 30th position.
Just like MicroStrategy, Metaplanet intends to employ various financial instruments from capital markets to expand its Bitcoin ownership. This strategy aims to mitigate the mounting debts in Japan and the weakening Japanese yen.
As a financial analyst, I would put it this way: Currently, Metaplanet is the sole listed company on the Tokyo Stock Exchange, aiming to expand its investor base by opening up fundraising opportunities in the United States.
In response to global economic uncertainty, an growing trend among businesses is to adopt Bitcoin as a backup currency. This is due in part to concerns over currency devaluation and mounting debt.
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2024-06-11 09:45