Coins by Cryptorank
NewsEditorial office

Metaplanet Increases Bitcoin Holdings with $2.5M Purchase

Jul 8, 2024 at 04:30

Japanese public firm Metaplanet continues to bolster its Bitcoin investment, adding another $2.5 million worth of the cryptocurrency despite recent price declines.

Source: Metaplanet

On July 7, Metaplanet announced via X that it had purchased an additional 42,466 bitcoins for 400 million Japanese yen ($2.5 million).

Following this acquisition, Metaplanet’s total Bitcoin holdings now stand at 203,734 BTC, acquired at an average price of 10 million yen ($62,000) per coin. This average price is about 7% higher than the current Bitcoin price.

Metaplanet first adopted Bitcoin as a treasury asset in April 2024, making its initial purchase of Bitcoin worth $6.5 million. The firm’s decision was influenced by notable industry figures like Morgan Creek Capital founder Mark Yusko and Ordiswap founding member Jack Liu, along with companies like Sora Ventures and UTXO Management.

The brand new newsletter with insights, market analysis and daily opportunities.

Let’s grow together!

Often dubbed “Asia’s MicroStrategy,” Metaplanet’s aggressive Bitcoin acquisition strategy mirrors that of MicroStrategy, which began buying Bitcoin in 2020 as a hedge against inflation and a cash alternative. As of June 24, MicroStrategy held at least 226,331 Bitcoin, purchased at a total cost of $7.538 billion, or $35,158 per BTC.

Metaplanet stock in 2024. Source: TradingView

Metaplanet’s stock experienced significant volatility in response to its Bitcoin investments. The company’s stock price surged by about 90% the day after the initial announcement. However, it later fell by 25% as Bitcoin’s price dropped from around $70,000 to below $60,000. Currently, Metaplanet’s stock is trading at 80 yen ($0.5), still up 344% from the start of 2024.

In late June, Metaplanet revealed plans to issue 1 billion yen ($6.26 million) in bonds to raise additional funds for Bitcoin purchases. Similarly, Michael Saylor’s MicroStrategy has frequently announced convertible note raises in 2024 to further invest in Bitcoin.

All information provided on this website is for educational and informational purposes only. Please consult with our Disclaimer.

Home » News » Metaplanet Increases Bitcoin Holdings with .5M Purchase

Your complaint has been sent to a moderator