web3.0Asia\'s MicroStrategy: Bitcoin-Stacking Firm Metaplanet Now 21st-Largest Corporate BTC Holder
YEREVAN (CoinChapter.com) — Bitcoin-stacking firm Metaplanet has bought 21.88 Bitcoin worth over $1.2 million (200 million Japanese yen) on July 16.
Coin Chapter Capture
Meta, which sells virtual currency mining equipment On the 16th, Planet purchased 21.88 BTC (approximately 120 million yen) of the virtual currency Bitcoin.
This purchase comes as Bitcoin price continues to rise and approaches $65,000.
With this latest acquisition, the Tokyo-based company now holds a total of 225.6 BTC (approximately 1.46 billion yen) in Bitcoin. The move is in line with the company's continued investment approach to capitalize on Bitcoin's growth.
Stock price soars 22% on latest BTC purchase
Following this announcement, Metaplanet's stock price soared 22% in the first 30 minutes of trading on the Tokyo Stock Exchange.
According to Google Finance, the price rose from 117 yen to $0.74, demonstrating the positive market response to the company's crypto purchases.
This surge is not isolated. In the past 24 hours, the Bitcoin price increased by 4.4%, further impacting Metaplanet's stock price. The company's stock has risen nearly six times since announcing its Bitcoin investment strategy on April 9, 2024.
Metaplanet acquires 42.46 BTC amid market decline
Earlier this month, the company took advantage of the drop in Bitcoin prices. On the 7th, we acquired 42.46 BTC for 250 million yen (400 million yen). This proactive approach demonstrates the company's commitment to leveraging market conditions for long-term benefits.
However, the company's average Bitcoin purchase price was $62,890, and its holdings were only 2.8% above cost. Still, the company's strategy aims to mitigate risks associated with Japan's economic challenges.
Company invests in Bitcoin to counter weak yen
Metaplanet's Bitcoin investment is part of a broader strategy to counter Japan's growing debt burden and weak yen. Since January 2021, the Japanese yen has depreciated by approximately 54% against the US dollar. In contrast, Bitcoin appreciated more than 145% against the yen last year.
Above all, this approach of the company is the same as that of MicroStrategy, the largest co-rate Bitcoin holder. The company has been nicknamed "Asia's Microstrategy" due to its similar investment tactics.
World's 21st largest company Bitcoin holder
This latest purchase makes Metaplanet the world's 21st largest Bitcoin holder, according to CoinGecko.
Bitcoin is currently trading at $63,778.71, an increase of 10.93% from last week.
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