Metaplanet Purchases More Bitcoin, Stock Shoots 15%

Japanese public-listed firm Metaplanet announced its latest purchase of 124 Bitcoins for an investment value of 1.75 billion Japanese Yen on Tuesday.

Japanese public-listed firm Metaplanet announced its latest purchase of 124 Bitcoins for an investment value of 1.75 billion Japanese Yen on Tuesday. With this, the company’s Bitcoin holdings have now surged past 1,100 BTC with its stock price gaining a massive 15% today. Moreover, the firm has been rightly adopting MicroStrategy’s Bitcoin adoption blueprint for its recent BTC purchases.

The company’s stock price enjoyed a massive 14% surge following the announcement. The stock price breached the 2,000 JPY level to reach 2,300 JPY. This breakout is expected to propel the stock price to rally an additional 30% to reach 3,000 JPY, which was its 2024 high.

Metaplanet purchased an additional 124.117 BTC for 1.75 billion yen, bringing its total BTC holdings to 1,142.287 BTC. The latest BTC purchase was made at an average price of 14,099,600 yen per BTC. As of November 19, 2024, Metaplanet’s total Bitcoin holdings were valued at 11.372 billion yen, with an average acquisition cost of 9,955,874 yen per BTC.

The company’s QTD Bitcoin yield now stands at an impressive 186.9%. This development comes a day after MicroStrategy’s announcement of purchasing 51,780 BTC for a massive investment of over $4 billion.

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