Metaplanet Achieves $1.2M Bitcoin Goal. The company’s stock price has increased by 810% from approximately $0.12 to $1.10 since its initial Bitcoin purchase.
Metaplanet, a Japanese investment and consulting firm, has disclosed that it has acquired an additional 20.38 Bitcoins, which are valued at approximately $1.2 million (200 million yen), to finalize its 1 billion yen acquisition strategy, which was previously disclosed in June.
The company announced on June 24 that it would issue 1 billion yen (approximately $6.26 million) in bonds to acquire funds to purchase Bitcoin. The consulting firm’s fundamental policy is to “retain Bitcoin for the long term.”
Metaplanet acquires an additional $1.2 million in Bitcoin.
The company ultimately fulfilled its intention to acquire $6.26 million in Bitcoin by making numerous purchases. The company disclosed on July 22 that it had acquired 20.38 BTC at an average price of 9,813,061 ($62,574) yen per Bitcoin. The most recent acquisition resulted in the organization’s approximately $1.2 million expenditure.
The company acquired 104.91 BTC at an average price of 9,531,162 yen (approximately $60,700) per Bitcoin due to its 1 billion yen purchase plan. This results in the company’s total Bitcoin holdings being 245.99 BTC, equivalent to $16.5 million at the current market price.
Metaplanet’s stock prices have been influenced by the company’s recent acquisition and the recent surge in Bitcoin. In the hours following the announcement, shares increased by 19.31% to 173 yen ($1.10), according to Google Finance data.
Metaplanet’s stock has increased by 810% since its initial BTC acquisition.
In an initial announcement on April 8, Metaplanet declared that Bitcoin would serve as its primary treasury asset. The company stated that it initially invested $6.5 million in acquiring BTC. The organization characterized the action as a significant milestone in establishing itself as a “pioneer in adopting digital assets in Japan.”
Metaplanet’s share price has risen from approximately $0.12 to $1.10 since its initial investment in Bitcoin. This is an 810% increase from the initial announcement on April 8.
The company has been compared to MicroStrategy, a business intelligence company, due to its comparable decision to adopt Bitcoin for long-term holding.
Jason Fang, the founder of Sora Ventures, referred to Metaplanet as “Asia’s first MicroStrategy,” asserting that the company facilitates the Japanese market’s exposure to Bitcoin.