Japan-based Metaplanet has purchased bitcoins worth 500 million Japanese yen, completing its latest Bitcoin investment strategy. Metaplanet stock price has skyrocketed nearly 13% on Tuesday after the announcement on latest BTC purchase by chief executive officer Simon Gerovich.
Metaplanet Inc Buying Additional Bitcoins
In an official announcement on August 20, Metaplanet Inc disclosed that it has an additional 57.273 BTC worth 500 million Japanese yen ($3.39 million). The company purchased these at an average price of 8,730,117 ($59,317) per BTC.
Gerovich said the company’s BTC holdings have now reached 360.368 BTC. The company known as “Japan’s MicroStrategy” acquired these for 3.45 billion Japanese yen at an average price of 9,573,556 yen per BTC. This caused a the rally in Metaplanet stock price.
Last week, Metaplanet announced 57.103 BTC purchase worth 500 million Yen ($3.3 million). The company purchased it at an average price of 8,756,107 yen per BTC. The company took 1 billion Japanese yen loan at just 0.1% APR.
The low interest rates in Japan enable the company to buy more bitcoins after taking loans. It is the best use of the Japanese Yen carry trades, which involves buying the Yen at a cheaper rate and purchasing high-yield assets in the global market.
Metaplanet Stock Price Jumps 13%
The company’s shares continued to rally after it added BTC to its balance sheet. Metaplanet stock price soared 13% on Tuesday after chief executive officer Simon Gerovich took to X and announced the latest BTC purchase.
The Tokyo Stock Exchange-listed firm has rallied more than 645% year to date amid the aggressive BTC buying strategy. Metaplanet stock price is currently trading at 1,193 yen, up more than 10% at the time of writing. It hit an intraday high of 1,295 JPY.
Meanwhile, BTC price jumped more than 4% in the past 24 hours, with the price currently trading at $61,065. The 24-hour low and high are $57,864 and $61,396, respectively. Also, the trading volume saw 40% increase in the last 24 hours, indicating massive interest among traders.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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