Metaplanet's Shares Surge 20% on the Tokyo Stock Exchange Following the Company's Latest Acquisition of Bitcoin

Japanese investment firm Metaplanet spent over $1.2 million to buy another group of Bitcoin (BTC) as it continues to double down on its long-term holding strategy.

Japanese investment firm Metaplanet has purchased another batch of Bitcoin (BTC) as part of its long-term strategy to protect itself from economic pressures in Japan.

According to a Monday filing to the Tokyo Stock Exchange, Metaplanet spent 200 million yen ($1.2 million) on 20.38 BTC at an average price of 9.8 million yen ($60,000). The purchase brings Metaplanet’s total Bitcoin reserves to 245.992 BTC (over $16.6 million).

MetaVl Metaplanet’s shares on the Tokyo Stock Exchange surged by over 20% to $1.1, following the company’s latest Bitcoin acquisition. Source: Google Finance

Following the news, MetaVl Metaplanet’s shares on the Tokyo Stock Exchange surged by over 20% to $1.1, as per data from Google Finance.

In May, Metaplanet allocated over $6.2 million for Bitcoin through the issuance of a second series of ordinary bonds. The bonds were issued via EVO FUND and carry an annual interest rate of 0.5%. They are set to mature on June 25, 2025.

The latest transaction comes a week after the firm announced the acquisition of an additional 21.8 BTC. The purchase is part of Metaplanet’s broader plan to protect itself from Japan’s economic challenges, which include high government debt, prolonged negative real interest rates and a “consequently weak yen.”

As reported by BitcoinTreasuries.NET, Metaplanet began purchasing Bitcoin on April 23 and has since increased its holdings by 766% in U.S. dollar value. With the latest purchase, Metaplanet now ranks 21st, just behind Advanced Bitcoin Technologies, according to CoinGecko.

The above is the detailed content of Metaplanet's Shares Surge 20% on the Tokyo Stock Exchange Following the Company's Latest Acquisition of Bitcoin. For more information, please follow other related articles on the PHP Chinese website!