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Metaplanet Announces $1.6M Bitcoin Purchase, Shares Surge 10%

Metaplanet Announces $1.6M Bitcoin Purchase, Shares Surge 10%

Jun 11, 2024

Metaplanet Announces $1.6M Bitcoin Purchase, Shares Surge 10%

Japanese investment firm Metaplanet has increased its stakes in Bitcoin (BTC) with an additional purchase worth 250 million yen ($1.6 million). This latest acquisition brings the company's total Bitcoin holdings to 141 BTC, valued at approximately $9.4 million.

Metaplanet's investment strategy, revealed in a recent disclosure, seems to take a leaf out of MicroStrategy's playbook. The Virginia-based software company has been known for its aggressive Bitcoin purchases and currently holds 214,400 BTC worth $14.3 billion, making it the largest corporate owner of Bitcoin.

Following the announcement of the additional Bitcoin purchase on Tuesday, Metaplanet's stock surged by 9.9%, marking a significant market response. The investment firm's third Bitcoin procurement since April 2024 reflects a broader tactic to adopt Bitcoin as a reserve asset. This decision was made to mitigate the risks stemming from Japan's considerable debt burden, which has led to volatility in the yen. In 2023, Japan's government debt to GDP ratio stood at 159%, the highest among the G7 nations.

Metaplanet's commitment to Bitcoin began in April 2024 with a purchase of ¥1 billion, and has since been actively increasing its Bitcoin reserves. As of June 11, the company has invested ¥1.45 billion, resulting in an average purchase price of ¥10,278,391 ($65,000) per Bitcoin. The firm's share price has seen a nearly fivefold increase since it first announced its Bitcoin strategy, demonstrating market approval of its investment direction.

Metaplanet's strategy is part of a wider trend of public companies in Asia and beyond, incorporating Bitcoin into their treasury reserves. This shift highlights Bitcoin's evolving reputation as a hedge against inflation and a credible store of value asset for corporate balance sheets.

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