Japanese company Metaplanet has increased its Bitcoin (BTC) holdings by 20.381 BTC amid positive sentiments in the crypto market. This led to a massive stock jump for the firm coming on the heels of similar performance from industry related companies. The company has consistently increased its Bitcoin holdings following a new strategy.
Metaplanet Buys More Bitcoin
Metaplanet has acquired 20.8 BTC worth approximately $1.27 million (200 million yen). This lastest acquisition brings the company’s total holdings to 245.99 BTC amid its announced strategy. In total it’s Bitcoin holdings are now worth $15.5 million about 2.45 billion yen.
On June 24, the company announced plans to purchase 1 billion yen worth of Bitcoin leveraging on capital flow through issuing bonds. In May, the firm disclosed moved to adopt BTC as a strategic treasury reserve asset. According to the company, it’s decision is based on sustained economic pressure in Japan with high government debt and longer negative interest rate periods.
Several crypto commentators has also cited similar reasons for the global adoption of the asset class as traditional macro factors force corporations to think outside the box. Per the latest announcement, Metaplanet has met its previous target.
“As disclosed in our announcement dated June 24, 2024, regarding the purchase of Bitcoin worth 1 billion yen, we hereby announce that we have purchased additional 200 million yen worth of Bitcoins below. With this purchase, we have completed the purchase of 1 billion worth of Bitcoins.”
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Stock Price Soars 20%
At press time, Metaplanet’s stock price is up 20.69% today following the announcement of more asset purchases to meet its set goals. Recently, the firm’s stock has marked a bullish outlook with a 59% growth this week and an 84% inflow in the last 30 days.
The recent stock jump following the announcement points to increased sentiments in the digital asset market after previous weeks of sideways trading. Bitcoin price stands at $67,668, a 7.43% jump in the last seven days. Similarly, altcoins and meme tokens have notched similar gains with some hitting double digit figures.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
