Metaplanet’s stock surged 21% after announcing the completion of its plan to buy 1 billion yen worth of Bitcoin, bringing its total holdings to 245.992 BTC.
Metaplanet Inc., a Japanese investment firm, experienced a 21% increase in its stock price during morning trading on Monday following the disclosure that it had acquired additional bitcoin.
Today, the Tokyo-listed company disclosed that it acquired an additional 20.381 bitcoins, which amounts to approximately 200 million yen ($1.27 million). This transaction brings the company’s total bitcoin holdings to 245.992 BTC.
Metaplanet announced on June 24 that it had successfully executed its initial strategy to acquire bitcoin valued at 1 billion yen through the most recent acquisition.
According to Google Finance, Metaplanet’s stock experienced a 21% increase during the morning session.
The company declared in May that it had initiated the process of incorporating bitcoin as its strategic treasury reserve asset. “The company stated at the time that the decision is a direct response to the persistent economic pressures in Japan, particularly the high government debt levels, extended periods of negative real interest rates, and the resulting weak yen.”
Metaplanet has acquired numerous bitcoins in recent months. Metaplanet acquired bitcoin on April 23, May 10, June 11, July 1, July 8, and July 16, according to data from Bitcointreasuries.net.
The company also disclosed that the average purchase price of all of its bitcoin holdings was 9.96 million yen (approximately $63,250) per bitcoin.
