Shares of Asian company MicroStrategy Metaplanet rose double digits on Tuesday after the company disclosed another $1 million Bitcoin (BTC) purchase – the third in seven weeks.
A company statement on June 11 revealed that the company purchased 23.25 bitcoins (BTC), worth approximately $1.59 million, bringing its total holding to 141.07 BTC (9 .6 million) at an average purchase price of $65,365 (JPY 10,278,391) per BTC.
This puts Metaplanet at a 4.5% gain on its Bitcoin investment at the current Bitcoin price of $68,313, according to CoinGecko.
Investors appeared to like the move, with Metaplanet shares rising 10.8% to $0.59 (92 yen) before falling to $0.57 (89 yen) at midday on the Tokyo Stock Exchange on June 11. according to Google Finance.
The company has seen its shares rise almost fivefold since it revealed its Bitcoin investment strategy on April 9, 2024.
The first Bitcoin purchase was made on April 23 at a price of 97.85 BTC, followed by an additional 19.87 BTC on May 10, according to Bitcoin Treasuries. He is now ranked the thirtieth largest Bitcoin holder in the world.
Similar to MicroStrategy – Bitcoin’s largest shareholder – Metaplanet confirmed on May 13 that it would adopt a “comprehensive suite of capital market instruments” to increase its Bitcoin reserves.
The company adopted a hedging strategy against Japan’s worsening debt burden and the rapid depreciation of the Japanese yen.
MetPlanet said Japan’s debt-to-GDP ratio of 261% is the worst among developed countries.
The Japanese yen has fallen around 35% against the US dollar since January 2021, while Bitcoin has risen around 200% against the Japanese yen over the past 12 months.
about: Bitcoin’s recent price action is considered a “real market push” to $90,000.
However, this is still much lower than the Bitcoin holdings of the company led by Michael Saylor, which has 214,400 BTC – or 1.02% of the approximately 21 million BTC that will enter circulation.
Metaplanet is currently only available on the Tokyo Stock Exchange, making it inaccessible to US investors, but efforts are being made to change that.
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