June 16, 2024
1 Solar System Way, Planet Earth, USA
Crypto

Metaplanet Shares Soar 10% Following New Investment in Bitcoin

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Shares of Metaplanet, a company listed on the Tokyo Stock Exchange that is often compared to MicroStrategy, are up 9.88% after the company announced its third Bitcoin acquisition, according to data from Google Finance.

Metaplanet Shares Rise After Third Bitcoin Purchase

Metaplanet said on Monday that it had added 23,351 Bitcoin (BTC), worth about 250 million yen ($1.58 million), to its holdings. With the latest acquisition, the company now holds over 141 BTC, valued at approximately $9.54 million.

The new movement, after the approval of the company's board of directors, also marks its third Bitcoin acquisition in two months. The company made previous purchases on April 23 and May 10.

The company's average cost of acquiring Bitcoin is around 10.27 million yen, approximately $65,300 per unit. Despite a recent drop in Bitcoin price to around $67,500, Metaplanet's investment strategy appears to be paying off.

The company's share price rose to 89 yen at Tuesday's close, a significant increase from 19 yen on April 9, when Metaplanet first announced its investment focus on Bitcoin.

Metaplanet has refocused its corporate strategy to focus on Bitcoin as its primary treasury reserve asset. This shift comes in response to Japan's difficult economic conditions, characterized by high public debt, persistent negative real interest rates, and a weakened yen.

Yesterday, Canada-based DeFi Technologies said it started adding BTC to its treasury. The company purchased 110 BTC, worth more than $7.5 million at the time of purchase. Its shares ($DEFTF) rose 11% following the announcement.

Global public companies collectively own 308,688 bitcoins, with MicroStrategy leading the way with 214,400 BTC, making up more than half of their market capitalization, as reported by Bitcoin.net Treasures.

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