Japanese investment company Metaplanet experienced a significant increase in its stock price on Monday, with shares rising 21% in morning trading following the announcement of another Bitcoin purchase.
Japan's Metaplanet Purchases Additional Bitcoin Worth $1.2 Million, Shares Rise 21%
The company, which is traded on the Tokyo Stock Exchange, announced that it purchased another BTC worth approximately 200 million yen ($1.27 million).
This purchase brings Metaplanet's total Bitcoin holdings to 245,992 BTC. With this latest acquisition, Metaplanet has completed its plan to invest 1 billion yen in Bitcoin, which it announced on June 24.
As reported by Google Finance, Metaplanet's shares rose 21% in the morning session.
In May, Metaplanet announced its strategy to adopt Bitcoin as a treasury reserve asset, citing persistent economic pressures in Japan, including high government debt levels, prolonged periods of negative real interest rates, and a weakening Yen. This strategic move aims to protect against these economic difficulties.
Over the past few months, Metaplanet has made many Bitcoin purchases. According to data from Bitcointreasuries.net, the company purchased Bitcoin on April 23, May 10, June 11, July 1, July 8 and July 16.
Metaplanet stated that the average purchase price of Bitcoin assets is 9.96 million yen (about $63,250) per Bitcoin.
*This is not investment advice.