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Japanese investment firm Metaplanet bought another $1.2 million (200 million Japanese Yen) worth of Bitcoin, the company said in a Tuesday announcement.
This latest acquisition, disclosed in a press release on July 16, 2024, follows the company’s previous announcement on June 24, 2024, regarding a 1 billion yen BTC investment.
According to the official statement, Metaplanet has acquired 21.877 Bitcoins at an average purchase price of 9,142,021 yen per Bitcoin. This brings the company’s total Bitcoin holdings to 225.611 BTC, with an average purchase price of 9,972,933 yen per BTC.
The aggregated amount invested in BTC by Metaplanet now stands at 2.25 billion yen.
The market has responded positively to this news, with Metaplanet’s shares—which trade on the Tokyo Stock Exchange under the 3550 ticker—soaring by 10% to trade for ¥102.00, according to Google Finance.
This surge comes as Bitcoin itself experiences a modest 1% increase, trading at $63,070. Earlier this morning, BTC climbed as high as $65,000, but took a dip after the Mt. Gox trustee began transferring billions worth of Bitcoin among its wallets.
Earlier this year, Metaplanet fully leaned into the moniker “Japan’s MicroStrategy” and announced its intention to start stacking Bitcoin in its corporate treasury.
“We believe this to be the most valuable thing we can do for our shareholders,” Metaplanet’s Director of Bitcoin Strategy, Dylan LeClair, told Decrypt at the time. “We will explore various options for acquiring additional Bitcoin, including any opportunities present in capital markets that we view as accretive.”
This recent purchase builds upon Metaplanet’s earlier investment on July 7, when the company acquired 42.46 Bitcoin for $2.5 million.
With its expanded holdings, Metaplanet has solidified its position as the 21st largest corporate holder of BTC globally, according to CoinGecko.
Amid weak demand, the Bank of Japan (BOJ) has continued its supportive monetary policy, aiming to foster growth by keeping interest rates low, contrary to the trend among other major developed countries.
Although Metaplanet, with a valuation of $97 million, is relatively small, its Bitcoin purchase follows the strategy of other companies like MicroStrategy that are incorporating the world’s largest cryptocurrency into their balance sheets.
Edited by Stacy Elliott.
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