Metaplanet Acquires Another 500 Million yen BTC to Complete its 1 Billion yen Investment

Japan-based publicly traded company, Metaplanet, has completed its 1 billion yen investment in Bitcoin after it secured another 500 million yen worth of the digital asset earlier today. Interestingly, this comes amid an ongoing rally that has seen the price of BTC jump above $61,000. Metaplanet has been bullish on the prospect of Bitcoin with a decision to hold the asset long-term.

The company turned to Bitcoin as a store of value and to hedge against the collapsing Japanese yen. Notably, the company’s stock price surged by 10.81% following the order, according to data from Google Finance. Recall that Metaplanet had previously completed a 1 billion yen BTC purchase in July.

Metaplanet Purchases 57 BTC

In an August 20 statement, Metaplanet disclosed that it has completed another Bitcoin order, this time, adding 57.273 BTC (worth ¥500 million) to its portfolio. Notably, the firm made this purchase at an average price of ¥8,730,117 (¥8.7 million) per BTC. Moreover, Metaplanet now holds a total of 360.368 BTC, valued at ¥3.45 billion, and at an average purchase price of ¥9,573,556 (¥9.4 million).

With this latest purchase, the company said that it has fulfilled its plan to buy ¥1 billion worth of BTC as disclosed in a statement on August 8. Metaplanet revealed in this statement that it planned to add more Bitcoins to its holdings by securing a loan from one of its investors MMXX Ventures. After getting the loan, Metaplanet purchased the first ¥500 million BTC last week. The loan which came with an interest rate of 0.1% per annum and a term of 6 months will be repaid in lump sum per the statement.

.@Metaplanet_JP has purchased an additional ~57.273 #bitcoin for ¥500 million at an average price of ¥8,730,117 per $BTC. As of August 20, Metaplanet holds ~360.368 bitcoin acquired for ¥3.45 billion at an average price of ¥9,573,556 per $BTC. #メタプラネット pic.twitter.com/eIJG33xZBK

— Simon Gerovich (@gerovich) August 20, 2024

Metaplanet Stock Price Reacts

Meanwhile, Metaplanet stock (3350) has reacted positively to the latest update. According to data from Google Finance, its price surged by a notable 10.87% to trade at ¥1,193. This has been the case since the company strategically turned to Bitcoin investments.

Since this year, the company’s stock has rallied by a significant 645% year partly owned to its aggressive Bitcoin accumulation strategy. Also, the price of BTC has increased today, surging by over 4% to trade at $61,060. Its trading volume also spiked by 40% in the last 24 hours, signaling increasing activities among traders and investors.