As a seasoned investor with roots deeply entrenched in Japan’s financial landscape, I can’t help but be intrigued by Metaplanet Inc’s bold Bitcoin strategy. The company’s recent purchase of 57.273 BTC worth 500 million Japanese yen is a testament to their forward-thinking approach and keen understanding of the market.
Metaplanet, a company headquartered in Japan, has completed a strategic investment by acquiring 500 million Japanese yen worth of Bitcoins. This announcement caused Metaplanet’s stock price to surge approximately 13% on Tuesday following the news shared by CEO Simon Gerovich about their latest Bitcoin purchase.
Metaplanet Inc Buying Additional Bitcoins
On August 20th, I’m announcing that Metaplanet Inc has acquired an extra 57.273 Bitcoins, equivalent to approximately 500 million Japanese yen or $3.39 million USD. We procured these digital assets at an average cost of around 8,730,117 yen per Bitcoin, which translates to about $59,317 USD per unit.
Gerovich announced that the company’s Bitcoin holdings have grown to 360.368 Bitcoins. This Japanese company, often referred to as “Japan’s MicroStrategy,” obtained these Bitcoins for approximately 3.45 billion yen, with an average cost of around 9,573,556 yen per Bitcoin. This move has contributed to a surge in the price of Metaplanet stock.
Last week, Metaplanet revealed they acquired approximately 57.103 Bitcoins for a total value of 500 million Yen or roughly $3.3 million USD. They purchased each Bitcoin at an average price of about 8,756,107 yen. Notably, Metaplanet secured a loan of 1 billion Japanese yen at a low annual percentage rate (APR) of only 0.1%.
In Japan’s favorable low-interest environment, the company can acquire more bitcoins by borrowing money. This is an optimal application of the Yen carry trade strategy, where you buy the Yen at a lower cost and invest in high-return assets worldwide.
Metaplanet Stock Price Jumps 13%
Following the announcement of adding Bitcoin to their assets, the company’s stocks experienced a surge in value. On Tuesday, Metaplanet shares jumped by 13%, as CEO Simon Gerovich made the news public on platform X.
The company listed on the Tokyo Stock Exchange has experienced a remarkable surge this year, rising over 645%, primarily due to its aggressive Bitcoin purchasing approach. At the moment of writing, Metaplanet’s stock price stands at 1,193 yen, marking an increase of more than 10%. Today, it reached a high of 1,295 JPY intraday.
Over the past day, Bitcoin’s price surged over 4%, reaching a current trade value of approximately $61,065. Within this period, the price dipped to $57,864 and peaked at $61,396. Furthermore, there was a substantial 40% rise in trading volume during the last 24 hours, pointing towards high trader engagement.
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2024-08-20 09:50