23.35 Bitcoins Later: Metaplanet’s $1.6 Million Crypto Acquisition

On the 11th of June, Metaplanet acquired an additional 23.25 Bitcoin (BTC), investing close to $1.59 million. This purchase boosted their Bitcoin portfolio to a total of 141.07 BTC, now worth an impressive $9.6 million.

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Metaplanet, a publicly traded Japanese firm, saw its stock value jump after declaring its latest Bitcoin acquisition—its third million-dollar purchase in just seven weeks. The company secured 23.25 BTC for approximately $1.59 million on June 11. 

Metaplanet Profits 4.5% from the Investment 

The company averaged $65,365 per Bitcoin, equivalent to 10,278,391 JPY. With Bitcoin’s price currently at $68,789, Metaplanet’s recent investment has already netted a 4.5% profit, as reported by CoinMarketCap.

Investor confidence soared, and Metaplanet’s share price increased by 10.8% to $0.59 (92 JPY) on the Tokyo Stock Exchange. Since announcing its Bitcoin investment strategy on April 9, 2024, the company’s stock value has nearly quintupled.

Metaplanet’s journey with Bitcoin began with an initial purchase of 97.85 BTC on April 23, followed by another 19.87 BTC on May 10, propelling them to the 30th spot among the top corporate Bitcoin holders. On May 29, the company announced an additional $1.59 million Bitcoin purchase

Metaplanet’s Strategic Investment Approach 

Following in MicroStrategy’s footsteps, Metaplanet is looking to diversify its capital market strategies to augment its Bitcoin reserves. This strategic move aims to mitigate Japan’s rising debt levels and the yen’s devaluation.

Currently, Metaplanet is now setting its sights on expanding its fundraising efforts to attract U.S. investors. This aligns with a growing trend of companies adopting Bitcoin as a hedge against the ongoing global financial uncertainties.

Crypto News Land (cryptonewsland.com)

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