🌎 Metaplanet Shares Surge 20% After Major Bitcoin Acquisition

Metaplanet’s shares surged over 20% on the Tokyo Stock Exchange following the company’s latest acquisition of Bitcoin. The Japanese investment firm spent over $1.2 million to buy more Bitcoin, reinforcing its long-term holding strategy amidst sustained economic pressures in Japan.

Metaplanet Increases Bitcoin Holdings

On Monday, Metaplanet announced in a social media post that it had acquired 20.38 BTC for ¥200 million (around $1.2 million). This purchase brings its total Bitcoin reserves to 245.992 BTC, valued at over $16.6 million at current market prices.

Metaplanet shares on the Tokyo Stock Exchange responded positively, rising over 20% to $1.1, as per data from Google Finance. This acquisition follows the firm’s recent allocation of over $6.2 million for Bitcoin through the issuance of a second series of ordinary bonds via EVO FUND. These bonds feature an annual interest rate of 0.5% and are set to mature on June 25, 2025.

Strategic Moves Amid Economic Challenges

The latest transaction comes just a week after Metaplanet acquired an additional 21.8 BTC. This move is part of the company’s strategy to protect itself amid Japan’s economic challenges, including high government debt, prolonged negative real interest rates, and a weak yen.

According to BitcoinTreasuries.NET, Metaplanet began purchasing Bitcoin on April 23 and has since increased its holdings by 766% in U.S. dollar value. With the latest purchase, Metaplanet now ranks 21st in Bitcoin holdings, just behind Advanced Bitcoin Technologies, according to CoinGecko.