Metaplanet Stock Soars 6% Following Another Bitcoin (BTC) Acquisition

Metaplanet Stock Soars 6% Following Another Bitcoin (BTC) Acquisition

PENGY September 11, 2024, 4:03 am Facebook Twitter


Japanese investment firm Metaplanet Inc. announced today that it has purchased an additional 38.464 BTC, worth approximately 300 million yen ($2 million).

The Tokyo-listed company disclosed that this purchase brings its total Bitcoin reserves to 398.832 BTC, worth around 3.75 billion yen ($26 million).

Metaplanet’s Shares Soar 5.87%

Following the announcement, the company’s stock rose 5.87% on Tuesday, trading at 1,101 yen after hitting a high of 1,185 yen earlier in the session, according to data from Google Finance.

Metaplanet has made several Bitcoin purchases over the past few months. The firm initially announced its adoption of the digital asset as a strategic treasury reserve asset in May, citing the move as a hedge against Japan’s economic pressures.

“The move is a direct response to sustained economic pressures in Japan, notably high government debt levels, prolonged periods of negative real interest rates, and the consequently weak yen.”

The investment strategy has been compared to that of the U.S.-based software company MicroStrategy, led by Michael Saylor, which is currently the largest corporate Bitcoin holder with over 226,500 BTC, according to BitcoinTreasuries data.

Nicknamed “Asia’s MicroStrategy,” the company frequently adopts strategies similar to those of the American business intelligence firm, funding its Bitcoin purchases through bond sales.

This recent purchase of 38.464 BTC follows earlier acquisitions, including 42.4 BTC in July, 19.87 BTC in May, and 97.85 BTC in April. The company also secured a $6.8 million loan earlier this year to further boost its Bitcoin holdings.

Partnership with SBI VC Trade

In a related development, the investment firm recently announced a partnership with SBI VC Trade, the cryptocurrency division of the Japanese financial giant SBI Group.

The collaboration grants Metaplanet access to a compliant corporate custody service designed to optimize tax efficiency while leveraging Bitcoin as collateral for financing.

SBI will also provide it with trading, storage, and operational support, reinforcing the coin’s unique value as a non-political financial asset.

According to a statement from the company, this partnership is part of its broader engagement with leading industry stakeholders in Japan, all aimed at supporting its ongoing corporate Bitcoin accumulation strategy.

On Monday, they also revealed that its management would exercise the 11th series of stock acquisition rights, raising an additional 299.7 million yen. The company stated that the funds would be used to purchase even more Bitcoin.

The post Metaplanet Stock Soars 6% Following Another Bitcoin (BTC) Acquisition appeared first on CryptoPotato.

PengyOS - Let's Make Penguins Fly
PengyOS was started by a small community of crypto enthusiasts who believe that penguins should have a seat on the meme coin throne next to dogs and frogs. Solana Contract : B8vV6An7xFF3bARB1cmU7TMfKNjjes2WvY7jWqiRc6K6

Crypto Bubbles
Disclaimer
WARNING: The content on this site should not be considered investment advice. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence.

LEAVE A REPLY

Your email address will not be published.