The stock of Metaplanet has increased by 480% since the company disclosed its Bitcoin strategy in April. However, the firm’s investment has lost 13%.
Metaplanet, a Japanese investment firm, has increased its Bitcoin holdings by nearly 400 Bitcoin, resulting in a 5.9% increase in its share price on the Tokyo Stock Exchange.
On September 10, the organization disclosed that it acquired 38.46 Bitcoin for $2.1 million (300 million Japanese yen), thereby increasing its total holdings to 398.8 Bitcoin, which are valued at $23 million.
According to Bitcoin Treasuries data, this is Metaplanet’s tenth Bitcoin acquisition since its inaugural transaction on April 23.
The cryptocurrency is currently trading at $57,520, a 1.5% increase over the past 24 hours, resulting in a 13.3% decline in Metaplanet’s total Bitcoin investment.
Nevertheless, MarketWatch data indicates that the company’s share price has increased by 480% since it disclosed its Bitcoin investment strategy in early April.
Metaplanet’s share price fluctuation on the Tokyo Stock Exchange over the past six months. MarketWatch is the source.
At present, Metaplanet is the 27th-largest Bitcoin cache among corporations worldwide, with the third-largest stockpile in Asia.
The company declared in May that it would implement a “extensive array of capital market instruments” to augment its Bitcoin reserves, a strategy that is comparable to MicroStrategy’s.
In accordance with its announcement on August 8, it obtained a $6.8 million (1 billion Japanese yen) loan to acquire additional Bitcoin.
At the Bitcoin Conference in July, Simon Gerovich, the CEO of Metaplanet, disclosed that the company’s Bitcoin strategy is designed to mitigate the rapidly depreciating Japanese yen and Japan’s escalating debt burden.
“We came to the realization that Bitcoin is the ultimate monetary asset and would be beneficial for our treasury. Consequently, we established a stated objective to acquire and own a significant amount of Bitcoin over time.”
Before investing in Bitcoin, Gerovich referred to Metaplanet as a “defunct” company and attributed MicroStrategy’s Michael Saylor for facilitating the adoption of Bitcoin in the corporate sector.
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