This move, announced by Metaplanet CEO Simon Gerovich on August 20, led to a nearly 13% surge in the company’s stock price.
Metaplanet, a company based in Japan, has successfully completed its most recent Bitcoin investment strategy by purchasing bitcoins with a value of 500 million Japanese yen.
Chief executive officer Simon Gerovich’s announcement about the latest Bitcoin purchase led to a nearly 13% surge in Metaplanet’s stock price on Tuesday. Metaplanet Inc. published the information in an official notice on August 20.
Metaplanet Inc Buying Additional Bitcoins
The company stated that it has added an additional 57.273 bitcoins to its balance sheet, which is equivalent to 500 million Japanese yen ($3.39 million). The corporation acquired these at an average price of 8,730,117 dollars ($59,317) per Bitcoin purchase.
Simon Gerovich reported that the corporation’s bitcoin holdings have now surpassed 360.368 bitcoins. The business commonly known as “Japan’s MicroStrategy” completed the acquisition of these Bitcoins for a total of 3.45 billion Japanese yen, at an average price of 9,573,556 yen per Bitcoin.
The stock price of Metaplanet experienced a surge as a result of this today. The previous week, Metaplanet revealed the purchase of 57.103 Bitcoins, valued at 500 million yen ($3.3 million). During the transaction, the corporation paid an average price of 8,756,107 yen for each bitcoin.
This loan was for one billion Japanese yen, and the annual percentage rate was only 0.1%.Due to Japan’s low interest rates, the corporation is able to purchase additional bitcoins through loans.
Utilizing the Japanese Yen carry trades, which entail borrowing Yen at lower interest rates and acquiring high-yield assets on the global market, is the most effective way to implement this strategy.The company’s shares continued to improve after the addition of Bitcoin to its balance sheet.
Metaplanet Stock Price Jumps 13%
Simon Gerovich, the chief executive officer of Metaplanet, took to X on Tuesday to announce the most recent Bitcoin purchase, which resulted in a $13 increase in the company’s stock price. The Tokyo Stock Exchange-listed company has experienced a year-to-date increase of more than 645% amidst the aggressive BTC buying plan.
The price of Metaplanet stock is currently trading at 1,193 yen at the time of this writing, representing an increase of more than 10%. Intraday, it reached a high of 1,295 Japanese yen.Over the course of the last twenty-four hours, the price of bitcoin has increased by more than four percent, and it is presently trading at $61,065.
The lowest price was $57,864, and the highest price was $61,396 over the course of 24 hours. Moreover, the trading volume has increased by forty percent in the past twenty-four hours, which is an indication of the enormous interest shown by traders.
