Metaplanet boosts Bitcoin holdings with a $1.2M purchase amid a rally to $65K, leading to a 22% surge in share price on the Tokyo Stock Exchange.
Bitcoin-stacking investment firm Metaplanet has expanded its Bitcoin holdings with a purchase of 21.88 Bitcoin, worth over $1.2 million, as the cryptocurrency approaches $65,000. This move comes amid a strong market rally, propelling the firm's share price by 22% on the Tokyo Stock Exchange.
Key Points:
Recent Purchase: Metaplanet bought 21.88 Bitcoin, valued at over $1.2 million (200 million Japanese Yen), on July 16.
Share Price Surge: Following the announcement, Metaplanet's share price spiked 22% within the first 30 minutes of trading on the Tokyo Stock Exchange.
Current Holdings: The firm's total Bitcoin holdings now stand at 225.6 Bitcoin, valued at approximately $14.6 million.
Previous Acquisition: Earlier this month, Metaplanet acquired 42.46 Bitcoin for $2.5 million during a price dip.
Stock Performance: Since adopting its Bitcoin investment strategy in April 2024, Metaplanet's stock price has increased nearly six-fold.
Investment Strategy: Similar to MicroStrategy, Metaplanet plans to use a range of capital market instruments to grow its Bitcoin reserves.
Economic Hedge: The strategy aims to hedge against Japan’s rising debt and the depreciating yen, which has fallen 54% against the USD since January 2021.
Market Performance: Bitcoin is currently trading at $64,640, up 13.6% in the last week and over 145% against the yen in the past year.
Metaplanet's continued investment in Bitcoin highlights its confidence in the cryptocurrency as a strategic hedge against economic instability in Japan. With Bitcoin prices nearing $65,000, the firm's proactive approach has not only bolstered its holdings but also significantly boosted its share price, reflecting strong investor confidence.
Source: Cointelegraph
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