Another day, another Bitcoin buy. Metaplanet has added to its stash, and their share price is reaping the rewards.
Here’s the latest crypto news: Japanese investment firm Metaplanet has ramped up its Bitcoin holdings, purchasing an additional 38.46 Bitcoin worth $2.1 million on September 10.
This latest acquisition brings the firm’s total Bitcoin stash to 398.8 BTC, valued at approximately $23 million. Following this purchase, Metaplanet’s share price surged by 5.9% on the Tokyo Stock Exchange.
This marks Metaplanet’s tenth Bitcoin acquisition since it first began buying the cryptocurrency on April 23, according to data from Bitcoin Treasuries.
However, despite these aggressive purchases, the firm is currently down 13.3% on its total Bitcoin investment, as Bitcoin is trading at $57,520—a 1.5% increase in the last 24 hours.
While its Bitcoin holdings may be in the red, the firm’s stock has skyrocketed, with its share price up 480% since it announced its Bitcoin investment strategy earlier this year.
Metaplanet now ranks as the 27th-largest corporate holder of Bitcoin worldwide and holds the third-largest stash among Asian corporations.
Metaplanet has been doubling down on its strategy to accumulate Bitcoin. In May, the firm revealed plans to use a broad range of capital market instruments to increase its Bitcoin reserves, a move reminiscent of MicroStrategy’s aggressive approach.
By August 8, the company had secured a $6.8 million (1 billion yen) loan to fund further Bitcoin purchases.
CEO Simon Gerovich has stated that the company’s Bitcoin strategy serves as a hedge against Japan’s increasing debt burden and the rapid depreciation of the yen.
We realized that Bitcoin is the apex monetary asset [and] something great for our treasury to have […] we then made it our stated goal to own and to purchase as much Bitcoin as we can over time.”
He also noted that prior to investing in Bitcoin, Metaplanet struggled as a “zombie” company but was inspired by MicroStrategy’s success with corporate Bitcoin investments.
