Metaplanets Stock Soars Following Third MillionDollar Bitcoin Acquisition

Metaplanet’s Stock Skyrockets After Third Million-Dollar Bitcoin Purchase
Metaplanet’s shares have experienced a significant increase after the announcement of another million-dollar Bitcoin (BTC) acquisition.
As per the statement released on June 11, Metaplanet has obtained 23.25 Bitcoin (BTC), equivalent to almost $1.59 million, making it the company’s third Bitcoin purchase in just seven weeks.
This latest purchase brings their total Bitcoin holdings to 141.07 Bitcoin, valued at around $9.6 million.
The average purchase price for BTC was $65,365 per coin or 10,278,391 Japanese yen.
Metaplanet Sees 4.5% Increase in BTC Investment
With Bitcoin’s current price at $68,313, Metaplanet has gained 4.5% on its Bitcoin investment, as reported by CoinGecko.
Investors have responded positively to this development, leading to a 10.8% increase in Metaplanet’s stock price to $0.59 or 92 Japanese yen.
However, the stock eventually settled at $0.57 or 89 Japanese yen on the Tokyo Stock Exchange by midday on June 11, according to Google Finance.
Since unveiling its Bitcoin investment strategy on April 9, 2024, Metaplanet’s stock has surged nearly fivefold.
The company’s first Bitcoin purchase of 97.85 Bitcoin occurred on April 23, followed by an additional 19.87 Bitcoin on May 10, as reported by Bitcoin Treasuries.
Metaplanet now ranks as the 30th largest corporate holder of Bitcoin globally.
Similar to MicroStrategy, the largest corporate Bitcoin holder, Metaplanet announced on May 13 its plans to utilize various capital market instruments to bolster its Bitcoin reserves.
This strategy aims to hedge against Japan’s increasing debt burden and the rapid devaluation of the Japanese yen.
Metaplanet highlighted Japan’s debt-to-GDP ratio of 261%, the highest among developed nations.
Over the past year, the Japanese yen has decreased by approximately 35% against the US dollar, while Bitcoin has surged by nearly 200% against the Japanese yen.
Despite its recent Bitcoin acquisitions, Metaplanet’s holdings still fall short of MicroStrategy’s, which owns 214,400 Bitcoin, equivalent to about 1.02% of the total Bitcoin supply.
At present, Metaplanet is only available on the Tokyo Stock Exchange, limiting access to US investors.
In April, Metaplanet announced its decision to include Bitcoin in its treasury assets for several reasons.
Firstly, it aims to reduce its exposure to the Japanese yen, which has been significantly affected by Japan’s low-interest-rate environment.
In a shareholder update, Metaplanet expressed concerns about the yen’s vulnerability and highlighted Bitcoin’s potential as a hedge against inflation, a tool for macroeconomic resilience, and a source of long-term capital appreciation.
Corporate Bitcoin Investors Begin to Reap Benefits
Several major corporate investors in Bitcoin, including Microstrategy, have witnessed substantial profits.
Based on data compiled by Saylortracker, at current market prices of around $67,000, MicroStrategy’s position now holds a total valuation exceeding $14.59 billion.
This means the company has unrealized profits of nearly $6.5 billion on paper – indicating a gain of almost 104% year-to-date from an investment made under Saylor back in 2020.
As of now, Bitcoin is trading at about $67,900, a decrease of more than 2% over the past day.
The leading cryptocurrency is 8% away from its all-time high of $73,750 recorded on March 14.