As a seasoned researcher with a penchant for following the trends of the financial world, I must admit that the move by Tokyo-based investment firm Metaplanet Inc. to invest heavily in Bitcoin is quite intriguing. Having closely observed the rise and fall of digital currencies over the past few years, I’ve learned to appreciate the audacity it takes for a company to make such bold moves, especially when they outmaneuver industry giants like Itochu and NTT.
On Tuesday, Metaplanet Inc., an investment company located in Tokyo, experienced a 15.1% increase in their stock price following their announcement that they had bought an extra 124.1 Bitcoins (worth about $11.3 million).
The business announced that it purchased Bitcoin for an average cost of approximately 14.1 million yen or $91,266 per unit, accumulating a total of around 1,142.2 BTC. This amount is roughly equivalent to $104.8 million in value.
On today’s market close, Metaplanet’s stock price stood at 2,295 yen. The trading volume for the day amounted to an impressive 21.9 billion yen ($141.7 million). This year alone, the company’s shares have skyrocketed by a staggering 1,334%. Notably, they have surpassed many larger companies in the Nikkei 225 index, which experienced a 0.5% growth on the same day.
In a statement made on X, CEO Simon Gerovich emphasized the importance of the recent development, pointing out that Metaplanet has climbed to the 29th position among the 4,000 publicly traded Japanese companies in terms of trading value. Notably, this places Metaplanet above industry titans such as Itochu and NTT.
In line with Metaplanet’s strategic decision revealed in May to hold Bitcoin as part of its treasury reserves, the firm has recently made a purchase. Additionally, they have shared an outstanding return of 186.9% on their Bitcoin investments from October 1 to November 19.
To finance this purchase, Metaplanet has released one-billion-yen ($11.3 million) bonds that will be due in November 2025. This action mirrors strategies taken by MicroStrategy, which is currently the largest corporate Bitcoin owner with approximately 331,200 BTC.
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2024-11-19 15:00