Metaplanet, a Bitcoin-stacking investment firm, has acquired an additional 21.88 Bitcoin, worth over $1.2 million (200 million Japanese yen), amidst Bitcoin’s recent surge toward $65,000. This purchase brings their total Bitcoin holdings to 225.6 Bitcoin, valued at $14.6 million, as per their July 16 statement.
Metaplanet’s recent purchase of Bitcoin, coupled with a 4.4% price increase in Bitcoin over the last 24 hours, has driven a 25.8% surge in their share prices to $0.74 (117 yen) on the Tokyo Stock Exchange on July 16, according to Google Finance data.
Metaplanet capitalized on Bitcoin’s recent price drop, acquiring 42.46 Bitcoin on July 7 for $2.5 million (400 million yen). Since revealing its Bitcoin investment strategy on April 9, 2024, the firm’s stock price has surged nearly six-fold. Despite this, Metaplanet has seen only a 2.8% gain on its Bitcoin holdings, based on an average purchase price of $62,890 per Bitcoin.
Metaplanet, often likened to “Asia’s MicroStrategy,” mirrors Michael Saylor’s playbook from 2020. On May 13, it announced plans to expand its Bitcoin reserves using a variety of capital market instruments. This strategy serves as a hedge against Japan’s growing debt and the devaluation of the Japanese yen, which has depreciated by nearly 54% against the US dollar since January 2021. Meanwhile, Bitcoin has surged more than 145% against the yen in the past year, with its current price at $64,640, reflecting a 13.6% increase over the past week.
