Japanese Company Metaplanet Boosts Bitcoin Holdings to $9.6 Million

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Japanese Company Metaplanet Boosts Bitcoin Holdings to $9.6 Million
  • Metaplanet bought 23.35 BTC at an average price of $68,099 per coin.
  • The company now holds 141.0727 Bitcoins with an average price of $65.4K.
  • The shares of the company rose more than 7% in the last 24 hours.

Metaplanet, a publicly traded company focused on Bitcoin and listed on the Tokyo Stock Exchange, has purchased an additional 23.35 BTC, bringing its total holdings to 141.0727 BTC, worth $9.62 million based on Bitcoin’s current price of $68,228.

As per a public disclosure, the additional 23.351 BTC were acquired at an average price of 10,706,180 yen ($68,099.33) per Bitcoin, totaling 250 million yen ($1,590,187).

The company’s total holdings of 141.0727 Bitcoins were acquired at an average price of 10,278,391 yen ($65,378) per Bitcoin, for a total of 1.45 billion yen ($9,223,087).

In May, Metaplanet designated Bitcoin as a reserve asset, “recognizing both the challenges and opportunities within the current global financial landscape.” The company stated:

The move is a direct response to sustained economic pressures in Japan, notably high government debt levels, prolonged periods of negative real interest rates, and the consequently weak yen.

Following the announcement of the Bitcoin purchase, Metaplanet’s share price on the Tokyo Stock Exchange increased significantly by 7.41% and is currently trading at 87 JPY.

The price of Metaplanet’s shares rose from 22 JPY on June 13 of last year to a high of 90 JPY in May, marking a substantial increase over one year.

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