A Japanese company, Metaplanet, purchased 21.88 Bitcoin worth $1.2M (JPY200 million) when the price for a single Bitcoin hit close to $65,000.
As of their latest statement on July 16, Metaplanet now holds a total of 225.6 Bitcoin, valued at $14.6 million. The firm’s strategic buying spree included another purchase earlier this month, securing 42.47 Bitcoin on July 7 for $2.5 million (400 million Japanese Yen).
The firm’s strategic move comes amidst Bitcoin’s price rise of 4.4% in the past 24 hours, pushing it closer to the $65,000 mark. This surge has not only boosted Bitcoin’s market performance but has also driven Metaplanet’s share prices up by 12.90% to $0.70 (105 Japanese Yen) during the first hours of trading on the Tokyo Stock Exchange.
Metaplanet has been actively capitalizing on Bitcoin’s price fluctuations. Since unveiling its Bitcoin investment strategy on April 9, 2024, the firm’s stock price has skyrocketed nearly six-fold.
Despite the substantial gains in its stock price, Metaplanet has realized a modest 2.8% increase in its Bitcoin holdings due to its average purchase price of $62,890 per Bitcoin. Nevertheless, the firm now ranks as the world’s 21st-largest corporate holder of Bitcoin, according to CoinMarketCap.
Metaplanet has earned the moniker “Asia’s MicroStrategy” for its approach, which mirrors that of MicroStrategy, the largest corporate Bitcoin holder globally. Similar to MicroStrategy’s strategy in 2020, Metaplanet announced on May 13 its intention to utilize a wide range of capital market instruments to further bolster its Bitcoin reserves.
This strategy aims to hedge against Japan’s growing debt burden and the depreciation of the Japanese yen, which has declined nearly 54% against the US dollar since January 2021. In contrast, Bitcoin has seen a remarkable 145% increase in value against the yen over the past year.
Bitcoin continues to trade strongly at $63,752, marking a notable 2.53% increase over the past week. Metaplanet’s proactive approach to Bitcoin investment underscores its confidence in the cryptocurrency’s long-term value amid global economic uncertainties.
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