Metaplanet, the Japanese firm often referred to as “Asia’s MicroStrategy,” has once again made headlines with its latest Bitcoin purchase. The company’s shares surged by 10% on Tuesday, June 11th, after the firm disclosed another million-dollar Bitcoin acquisition, its third in just seven weeks.
Metaplanet’s Bitcoin Accumulation Strategy
According to the company’s statement, Metaplanet purchased 23.25 Bitcoin (BTC) worth almost $1.59 million, bringing its total Bitcoin holdings to 141.07 BTC (valued at over $9.6 million) at an average purchase price of 10,278,391 Japanese yen ($65,365) per Bitcoin. This latest purchase has resulted in a 4.5% gain on Metaplanet’s Bitcoin investment, as the current price of Bitcoin stands at $68,313 per CoinGecko.
“Metaplanet’s Bitcoin investment strategy has been a key driver of its stock performance, with the company’s shares soaring nearly fivefold since the initial announcement on April 9, 2024.”
Hedging Against Economic Challenges
Similar to MicroStrategy, the largest corporate Bitcoin holder, Metaplanet has stated that it will continue to utilize a “range of capital market instruments” to bolster its Bitcoin reserves. The firm’s strategy is aimed at hedging against Japan’s mounting debt burden and the rapidly depreciating Japanese yen.
Metaplanet’s Bitcoin Holdings
- First Bitcoin purchase: 97.85 BTC on April 23
- Second Bitcoin purchase: 19.87 BTC on May 10
- Third Bitcoin purchase: 23.25 BTC on June 11
- Total Bitcoin holdings: 141.07 BTC (worth over $9.6 million)
Metaplanet’s Bitcoin holdings now make it the 30th-largest corporate holder of Bitcoin in the world, still far behind MicroStrategy’s impressive 214,400 BTC.
Expanding Accessibility
While Metaplanet is currently only available for trading on the Tokyo Stock Exchange, the company is working to change this and make its shares more accessible to U.S. investors. As Metaplanet continues to demonstrate its commitment to Bitcoin, its story is likely to captivate the attention of the global cryptocurrency community.
