Japan's Metaplanet buys additional $1.2 million worth of bitcoin, shares surge 26%

Japan's Metaplanet buys additional $1.2 million worth of bitcoin, shares surge 26%

Reported by The Block: The Tokyo-listed firm saw its stock surge 25.8% during the morning session.
The latest acquisition disclosed today brings its total bitcoin holdings to about $14.2 million.

Japanese investment firm Metaplanet Inc. saw its stock price jump 25.8% during the Tuesday morning session after announcing that it has purchased additional bitcoin worth about $1.26 million.

The Tokyo-listed company disclosed today that it bought an additional 200 million yen worth of bitcoin, or 21.877 BTC.  That brings its total bitcoin holdings to 225.611 BTC, or about 2.25 billion yen ($14.2 million).

The latest acquisition comes just a week after the company bought 42.47 BTC on July 8.  In May, the company announced that it started to adopt bitcoin as its strategic treasury reserve asset.  “The move is a direct response to sustained economic pressures in Japan, notably high government debt levels, prolonged periods of negative real interest rates, and the consequently weak yen,” the company said at the time.

Metaplanet’s stock surged about 25.81% in the morning session, according to Google Finance.

Last month, Metaplanet announced that its board of directors had agreed to purchase bitcoin worth 1 billion yen ($6.26 million) using the capital raised through a round of bond issuance.

Bitcointreasuries.net data shows that Metaplanet previously purchased bitcoin on April 23, May 10, June 11, July 1, and July 8.

Source

Bitcoin

In This Article

Related News
Daily Market Wrap : EU Tariff Deal Daily Market Wrap : EU Tariff Deal
Trump makes over $57 million from WLFI sales, Truth Social files for Bitcoin and Ethereum combo ETF, and more Trump makes over $57 million from WLFI sales, Truth Social files for Bitcoin and Ethereum combo ETF, and more
FalconX partners with Standard Chartered to boost crypto offerings for institutional clients FalconX partners with Standard Chartered to boost crypto offerings for institutional clients
Bitcoin dominates global crypto funds' $882 million weekly inflows as Sui outperforms major altcoin products Bitcoin dominates global crypto funds' $882 million weekly inflows as Sui outperforms major altcoin products
Riot Platforms sells mined bitcoin for first time since January 2024, nets $38.8 million Riot Platforms sells mined bitcoin for first time since January 2024, nets $38.8 million
Latest News More More
3 Days Ago Daily Market Wrap: Anti CBDC Bill
4 Days Ago Daily Market Wrap: FOMC
July 10 Chinese creditors push back against FTX's motion to forfeit payouts in restricted jurisdictions
July 7 TON Foundation offers path to 10-year UAE 'Golden Visa' for $100k in staked TON, $35k fee; UAE denies eligibility
July 4 Tether plans further Bitcoin mining expansion in South America with Adecoagro tie up
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open