{"id":83628,"date":"2024-07-08T10:37:21","date_gmt":"2024-07-08T14:37:21","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=83628"},"modified":"2024-07-08T10:37:24","modified_gmt":"2024-07-08T14:37:24","slug":"metaplanet-buys-additional-2-5m-worth-of-bitcoin","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/metaplanet-buys-additional-2-5m-worth-of-bitcoin\/","title":{"rendered":"Metaplanet Buys Additional $2.5M Worth of Bitcoin"},"content":{"rendered":"\n

Metaplanet, a publicly-listed investment and consulting firm in Japan, expanded its Bitcoin treasury <\/a>with its recent purchase and now holds 203,734 BTC.<\/p>\n\n\n\n

\"Metaplanet
Metaplanet Buys Additional $2.5M Worth of Bitcoin<\/figcaption><\/figure>\n\n\n\n

On July 7, Metaplanet explicitly announced on X that it had acquired 42,466 bitcoins for 400 million Japanese yen ($2.5 million).<\/p>\n\n\n\n

Metaplanet currently possesses 203,734 BTC, the average price of which was approximately 10 million yen ($62,000) per coin following the completion of the purchase. At the time of writing, the average purchase price is approximately 7% higher than the price of BTC.<\/p>\n\n\n\n

\n

*Metaplanet purchases additional 42.47 $BTC\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>* pic.twitter.com\/dPotWszW1Y<\/use><\/svg><\/span><\/a><\/p>— Metaplanet Inc. (@Metaplanet_JP) July 8, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

Metaplanet Embraces Bitcoin in April 2024<\/h2>\n\n\n\n

In April 2024, Metaplanet made a historic entry into the Bitcoin market by purchasing its initial stock of Bitcoin for $6.5 million and adopting it as a treasury asset.<\/p>\n\n\n\n

Metaplanet disclosed on April 8 that Ordiswap founding member Jack Liu, Morgan Creek Capital founder Mark Yusko, and Sora Ventures and UTXO Management had supported the company's decision to enter the Bitcoin market.<\/p>\n\n\n\n

Metaplanet was nicknamed “Asia's MicroStrategy” due to its aggressive Bitcoin acquisitions, which bear similarities to MicroStrategy's 2020 entry into the Bitcoin market<\/a>. <\/p>\n\n\n\n

In 2020, MicroStrategy initiated the acquisition of Bitcoin as an inflation hedge and an alternative to maintaining currency. As of June 24, the company had collected a minimum of 226,331 Bitcoin since 2020, costing $7.538 billion or $35,158 per BTC.<\/p>\n\n\n\n

Metaplanet's Stock Declines<\/h2>\n\n\n\n

Metaplanet's integration of Bitcoin has significantly affected the company's market momentum. The company's stock price experienced a 90% increase the day following the announcement. Nevertheless, Metaplanet's shares experienced a substantial decline in response to the Bitcoin price decline.<\/p>\n\n\n\n

Metaplanet stock experienced a 25% decline after reaching a high of 107 yen ($0.66) on June 11, coinciding with Bitcoin's descent from approximately $70,000 to below $60,000. The company's stock is currently trading at 80 yen ($0.5), which is still 344% higher than it was at the beginning of 2024, according to data from TradingView.<\/p>\n\n\n\n

\"Metaplanet
Metaplanet stock in 2024. Source: TradingView<\/figcaption><\/figure>\n\n\n\n

Metaplanet <\/use><\/svg><\/span><\/a>disclosed its intention to issue 1 billion yen ($6.26 million) in bonds in late June to acquire Bitcoin. Michael Saylor's MicroStrategy has also repeatedly announced convertible note financing in 2024 to invest more in Bitcoin, as previously reported.<\/p>\n","protected":false},"excerpt":{"rendered":"

Metaplanet, a publicly-listed investment and consulting firm in Japan, expanded its Bitcoin treasury with its recent purchase and now holds 203,734 BTC. On July 7, Metaplanet explicitly announced on X that it had acquired 42,466 bitcoins for 400 million Japanese yen ($2.5 million). Metaplanet currently possesses 203,734 BTC, the average price of which was approximately […]<\/p>\n","protected":false},"author":12,"featured_media":83639,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[152,883,19076,539],"class_list":["post-83628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-japan","tag-metaplanet-2","tag-microstrategy"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/07\/image-43.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=83628"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83628\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/83639"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=83628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=83628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=83628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}