Metaplanet Makes Another Bitcoin Investment Move with $1.2 Million

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Metaplanet, a Japanese investment and consulting company, added more Bitcoin to its holdings. Recently, the firm spent 200 million yen ($1.2 million) to purchase an extra 20.38 BTC tokens as part of its plans to acquire 1.

The latest purchase completes the firm’s plan to acquire 1 billion yen worth of BTC. Since its first BTC investment in June, the company has recorded up to 810% growth in its stock price. 

Metaplanet Buys Additional $1.2 Million for Bitcoin Purchase

Metaplanet disclosed its latest Bitcoin acquisition on July 22. According to the details of the latest purchase, Metaplanet bought the coins at an average of 9,813,061 yen ($62,574) per BTC. 

Moreover, the recent purchase completes its target of spending 1 billion yen ($6.26 million) on Bitcoin. In April, Metaplanet revealed its plan to adopt Bitcoin as a primary treasury asset, noting that it would hold BTC tokens for the long term.

Today, we're thrilled to announce a groundbreaking shift in our financial strategy, as we embrace Bitcoin as the core treasury asset of the Company going forward by committing an initial JPY 1 billion. This strategic pivot is not just about embracing digital assets but also about… pic.twitter.com/OASxj9IBPG

— Metaplanet Inc. (@Metaplanet_JP) April 8, 2024

Also, the company explained that the purchase is part of a broader strategy to position Metaplanet as a “pioneer in Japan’s digital assets adoption. Metaplanet wants to secure a place among the companies that will lead a future where innovation drives finance.

To fulfill its plan, the firm announced the issuance of bonds worth 1 billion yen ($6.26 million) on June 24. The move formed part of its strategy to raise funds to acquire Bitcoin.

With its latest acquisition, Metaplanet currently holds 245.99 BTC tokens. At current market prices, the firm’s cumulative Bitcoin holdings stand at $16.5 million. 

Metaplanet’s Stock Surges Following BTC Investments

The consulting firm has recorded a significant growth in its stock price following its move on Bitcoin investment. Since Metaplanet’s initial BTC purchase, its stock price (3350) has increased from $0.12 to $1.10. This move reflects about an 810% increase since April.

Moreover, its recent BTC purchase positively impacted the share price. According to data from Google Finance, 3350 spiked by 19.31% to hit 173 yen hours after Metaplanet’s announcement.

Metaplanet’s Bitcoin investment strategy reflects that of MicroStrategy, a prominent business intelligence firm and the largest institutional holder of Bitcoin. 

Subsequently, Sora Ventures founder Jason Fang tagged Metaplanent as “Asia’s first MicroStrategy.” Fang noted that the consulting firm eliminates the taxation window while offering Japanese exposure to Bitcoin. 

MicroStrategy has distinguished itself as a pioneer in digital asset adoption with its massive Bitcoin acquisitions. As of June 24, 2024, the firm holds 226,331 BTC tokens bought at an average of $35,158 per coin.

Its total holdings amount to over $15.2 billion, which aligns with the current market price. Also, it represents more than 1% of Bitcoin’s circulating supply.

Bitcoin has gradually regained its value within the past few days. The primary crypto asset had hit $67,423, an increase of 0.85%. BTC’s market cap now hovers at $1.33 trillion with a 54.27% dominance over the altcoins.