Japanese investment firm Metaplanet recorded a 14% increase in its stock price after making a large Bitcoin purchase. Yahoo Finance reported that the company said it bought ¥1 billion ($6.8 million) worth of Bitcoin.
On August 20, Metaplanet owned by Simon Gerovich the CEO acquired 57.273 BTC for ¥500 million ($3.4 million). This new acquisition takes the company’s total Bitcoin reserves to 360.368 BTC. The acquisition was made as part of Metaplanet’s plan to utilize a ¥1 billion loan from MMXX Ventures to increase its Bitcoin holdings.
In a statement, Gerovich pointed to the recent purchase, stating, “As disclosed in our announcement dated August 8, 2024, regarding the loan and purchase of Bitcoins worth 1 billion yen, we hereby announce that we have purchased additional 500 million yen worth of Bitcoins as below. With this purchase, we have completed the purchase of 1 billion yen worth of Bitcoins.”
Originally a hotel development company, Metaplanet now expanding into Bitcoin promotion, property, and venture. Trading on the Tokyo Stock Exchange under the symbol 3350, the company’s shares have risen in value since the company’s decision to adopt Bitcoin to address Japan’s economic issues.
Gerovich pointed out the fact that the company was previously on its deathbed and looked like a zombie company but for Bitcoin, it was revived. He considers Bitcoin as the ‘ultimate monetary instrument’ and an integral component of Metaplanet’s financial plan.
Metaplanet’s high-risk Bitcoin investment strategy is definitely bearing fruit, increasing investor confidence and its stock price. This aggressive accumulation of Bitcoin could be emulated by other companies in the same situations of economic uncertainty.
Also Read: Metaplanet Secures $6.8 Million Loan for Bitcoin Purchase
