Summary:
Metaplanet invests ¥500 million ($3.4 million) in Bitcoin, increasing total holdings to ¥3.45 billion.
Acquisition of 57.273 BTC at an average price of ¥8,730,117 ($59,600).
Stock price jumped 10.87% post-announcement, reaching ¥1,193 ($8.15).
Plans to adopt Bitcoin as core treasury reserve asset announced in April 2024.
Mirrors strategy of MicroStrategy, which has invested over $13 billion in Bitcoin.
Metaplanet's Latest Bitcoin Acquisition
Japanese firm Metaplanet has made headlines by purchasing ¥500 million ($3.4 million) worth of Bitcoin, raising its total corporate holdings to ¥3.45 billion.
The company revealed this strategic move in an August 20 note, announcing that it acquired 57.273 BTC at an average price of ¥8,730,117 (approximately $59,600) per Bitcoin. This brings Metaplanet's total Bitcoin holdings to 360.368 BTC, valued at $21.9 million at current prices.
A Strategic Financial Move
This purchase finalizes Metaplanet's plan to invest ¥1 billion in Bitcoin for its corporate reserves through a loan taken earlier this month. This decision follows their announcement to raise ¥10.08 billion via a stock rights offering to further bolster their Bitcoin reserves.
Following this news, Metaplanet's stock price surged by 10.87%, reaching ¥1,193 ($8.15).
The Rise of the "Japanese MicroStrategy"
In April 2024, Metaplanet declared its intention to adopt Bitcoin as its "core treasury reserve asset," emphasizing a vision where finance meets innovation. Since this announcement, its stock price has skyrocketed by over 500%.
Dylan LeClair, the firm's Director of Bitcoin Strategy, stated, "We believe this to be the most valuable thing we can do for our shareholders." Metaplanet aims to explore various avenues for acquiring more Bitcoin, mirroring the strategy of U.S. software giant MicroStrategy, which has amassed over $13 billion in Bitcoin under Michael Saylor's leadership. Saylor argues that Bitcoin could reach a market cap of $280 trillion by 2045, which would significantly increase the value of MicroStrategy's holdings.
Edited by Stacy Elliott.
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