Metaplanet Stocks Surge by Double Digits After the Latest Bitcoin Acquisition
Tokyo’s Metaplanet investment firm revealed that it has acquired an additional 57.273 BTC, valued at approximately 500 million yen or $3.4 million amidst the current market lull to set the stage for long-term growth.
This purchase is part of the strategy announced on August 8, following the firm’s acquisition of a 1 billion yen loan, worth around $6.8 million, intended for increasing its Bitcoin reserves. Following the announcement, Metaplanet posted over 11% increase in its stock price.
The company confirmed in an official statement that it has now completed the planned 1 billion yen Bitcoin purchase, bringing its total holdings to 360.368 BTC.
Metaplanet began adopting Bitcoin as its strategic treasury reserve asset in May of this year. The firm explained that this decision was a direct response to ongoing economic challenges in Japan, including high government debt, prolonged negative real interest rates, and a weakened yen.
This strategy closely resembles that of MicroStrategy, which has been issuing debt and equity since 2020 to acquire more than 226,500 BTC.
Marathon Digital Holdings is another public company that recently raised capital for Bitcoin, selling $300 million in convertible notes for this purpose. Similarly, public medical technology company Semler Scientific issued equity and debt, with a portion of the funds going toward buying Bitcoin.
The post Metaplanet Stocks Surge by Double Digits After the Latest Bitcoin Acquisition appeared first on CryptoPotato.