Categories: Bitcoin

Metaplanet’s shares soar 10% after new Bitcoin investment


Share this article

Shares of Metaplanet, a publicly traded company listed on the Tokyo Stock Exchange and often compared to MicroStrategy, have surged 9.88% after the company announced its third Bitcoin acquisition, according to data from Google Finance.

Metaplanet’s shares jump after its third Bitcoin purchase

Metaplanet said Monday it had added 23.351 Bitcoin (BTC), worth around 250 million yen ($1.58 million), to its holdings. With the latest acquisition, the company now holds over 141 BTC, valued at approximately $9.54 million.

The fresh move, following the approval of the company’s board, also marks its third Bitcoin acquisition in two months. The company made previous purchases on April 23 and May 10.

The company’s average Bitcoin acquisition cost stands at around 10.27 million yen, roughly $65,300 per unit. Despite a recent downturn in Bitcoin’s price to around $67,500, Metaplanet’s investment strategy appears to be paying off.

The firm’s share price climbed to 89 yen at Tuesday’s close, a significant increase from 19 yen on April 9, when Metaplanet first announced its Bitcoin investment focus.

Metaplanet has reoriented its corporate strategy to focus on Bitcoin as its principal treasury reserve asset. This pivot comes as a response to Japan’s challenging economic conditions, characterized by high government debt, persistent negative real interest rates, and a weakening yen.

Yesterday, Canada-based DeFi Technologies said it started adding BTC to its treasury. The company bought 110 BTC, worth over $7.5 million at the time of purchase. Its shares ($DEFTF) jumped 11% following the announcement.

Global public companies hold a collective 308,688 bitcoins, with MicroStrategy at the forefront, owning 214,400 BTC, which constitutes over half of its market cap, as reported by BitcoinTreasuries.net.

Share this article



Source link

CryptoCanada

Share
Published by
CryptoCanada

Recent Posts

Investors flock to this viral coin poised to surge from under $0.003 to massive gains

Disclosure: This article does not represent investment advice. The content and materials featured on this…

19 hours ago

Bitcoin And Crypto In Turmoil As Tensions Between Trump and Powell Escalate

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure The Bitcoin…

2 days ago

Analyst Suggests Thinking Of XRP As Just ‘Payments’ Is Primitive, Here’s The Real Deal

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Crypto analyst…

2 days ago

AI industry pledges $100m to Super PACs, copying crypto’s political playbook

Tech billionaires, including Andreessen Horowitz, Greg and Anna Brockman, already pledged $100 million to change…

3 days ago

Long and Short Positions in Crypto Explained for Beginners

Most crypto trades come down to a simple choice: bet on a price going up…

3 days ago

Crypto Experts Split on Internet Capital Market Tokens: A Breakthrough or Just Another Crypto Bubble?

Crypto Experts Split on Internet Capital Market Tokens: A Breakthrough or Just Another Crypto Bubble?…

4 days ago