Metaplanet Increases Bitcoin Holdings with $1.24 Million Investment
On July 1, Metaplanet expanded its Bitcoin holdings by purchasing an additional 20.195 BTC, bringing their total to 161.26 BTC.
The company invested 200 million yen (approximately $1.24 million) in this latest acquisition, with each Bitcoin averaging a price of 9,903,441 yen (about $61,506).
*Metaplanet purchases additional 20.20 $BTC* pic.twitter.com/4tCRWAc2an
— Metaplanet Inc. (@Metaplanet_JP) July 1, 2024
This acquisition aligns with Metaplanet’s long-term strategy to increase its Bitcoin reserves. On June 24, the company revealed plans to issue bonds worth 1 billion yen (around $6.26 million) to fund further Bitcoin purchases.
READ MORE: Peter Schiff Criticizes Bitcoin’s Q2 Performance Compared to Gold
With this new acquisition, Metaplanet’s average purchase price for Bitcoin is now 10,231,438 yen ($63,543), bringing their total investment to 1.65 billion yen.
This strategic decision comes as Bitcoin’s price surpasses $63,000, resulting in a 1% increase in Metaplanet’s share price today and a remarkable 525% rise year to date.
In the backdrop, the Japanese yen continues to weaken, currently trading at 161 against the US dollar.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
