Metaplanet buys another $1.2M of Bitcoin as price rebounds toward $65K

Brayden Lindrea4 hours agoMetaplanet buys another $1.2M of Bitcoin as price rebounds toward $65KMetaplanet’s share price spiked 22% in the first 30-minutes on the Tokyo Stock Exchange following the news on July 16.1921 Total views17 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin-stacking investment firm Metaplanet has purchased another 21.88 Bitcoin — worth over $1.2 million (200 million Japanese yen) — amid the recent Bitcoin rally, driving prices close to $65,000.

According to its latest July 16 purchase statement, the Japan-based firm’s Bitcoin (BTC) holdings now total 225.6 Bitcoin, valued at $14.6 million.Source: Metaplanet

The recent purchase, combined with Bitcoin’s 4.4% price rise over the last 24 hours, has fueled a surge in Metaplanet share prices — up 25.8% to $0.74 (117 yen) in the opening two and a half hours on the Tokyo Stock Exchange on July 16, Google Finance data shows.Metaplanet’s change in share price in the opening hours of July 16 Source: Google Finance

Metaplanet took advantage of Bitcoin’s price dip earlier this month, snapping up another 42.46 Bitcoin on July 7 for $2.5 million (400 million yen).

The firm’s stock price has now soared nearly six-fold since itunveiled its Bitcoin investment strategy on April 9, 2024.

However, Metaplanet is only up 2.8% on its Bitcoin holdings, given its average Bitcoin purchase price of $62,890.

Related:Bitcoin or bust: Companies add BTC to treasury for long-term potential

Metaplanet is currently the world’s 21st-largest corporate holder of Bitcoin, according to CoinGecko.Largest corporate Bitcoin holders in the world. Metaplanet remains in 21st position despite CoinGecko having not updated its latest Bitcoin purchase. Source: CoinGecko.

Metaplanet has been dubbed “Asia’s MicroStrategy” because it follows a similar playbook to Michael Saylor’s MicroStrategy in 2020.

Similar to MicroStrategy — the largest corporate Bitcoin shareholder — Metaplanet iterated on May 13 that it’ll adopt an “entire range of capital market instruments” tobolster its Bitcoin reserves.

Metaplanet adopted the strategy to hedge against Japan’sworsening debt burden and the fast-depreciating Japanese yen.

The Japanese yen has fallen nearly 54% against the United States dollar since January 2021, while Bitcoin is up over 145% against the yen over the last 12 months.

Bitcoin is currently trading at $64,640 — marking a 13.6% increase over the last week.

Magazine:Singapore ‘not ready’ for Bitcoin ETFs, sneaky crypto mining rig importer: Asia Express# Bitcoin# Japan# Business# Adoption# Stocks# Tokyo# MicroStrategyAdd reaction