Japan’s Metaplanet buys 500 million yen worth of Bitcoin, holds 360 BTC

Japanese investment firm Metaplanet has announced the purchase of 57.273 Bitcoin via its latest disclosure notice. The purchase was made for 500 million yen ($3.4 million).

Metaplanet has completed its mission of purchasing 1 billion yen worth of Bitcoin. The latest purchase was made for $3.4 million, with an average purchase price of 8,730,117 yen per Bitcoin. “With this purchase, we have completed the purchase of 1 billion yen worth of Bitcoins,” Metaplanet said.

Metaplanet now holds 360.368 bitcoins 

The latest acquisition brings the firm’s total Bitcoin holdings to 360.368 bitcoins. The average purchase price per Bitcoin is 9,573,556 yen. The firm has spent a total of 3.45 billion yen so far on acquiring Bitcoin.

Earlier this month, Metaplanet announced a strategy to raise 10 billion yen. The firm also shared its plan to use 8.5 billion yen from the fund to acquire Bitcoin.

The Japanese firm is touted as Asia’s MicroStrategy because of its Bitcoin accumulation strategy. Metaplanet has been consistently adding more Bitcoin to its portfolio despite the volatile market conditions.

The firm started purchasing Bitcoin on April 22, 2024. The initial purchase was for 1 billion yen, and they received 97.8 BTC. The firm jumped into the decision to accumulate Bitcoin after it exited its hotel business.

Metaplanet stock price rallies by 11%

Following the Bitcoin acquisition announcement, the stock price of Metaplanet has jumped by almost 11% as per Google data. The stock price jumped from a 24-hour low of ¥1,086.00 to a high of ¥1,295.00, before falling to its current price of ¥1,193.

Metaplanet’s Bitcoin purchase news comes as the crypto market has recovered from yesterday’s slump. The global crypto market cap is up by 3.3% in the last 24 hours.

There has been a rising trend among public companies to purchase Bitcoin as a part of their holdings. CoinGecko data shows that MicroStrategy is the largest holder of Bitcoin in this sector with a holding of 226,331 BTC. Second on the list is Marathon Digital with 17,320 BTC. It is followed by Galaxy Digital with 15,449 BTC and Tesla with 11,509 coins, etc.

CoinMarketCap data shows that Bitcoin is up by over 4.5% while Ethereum is up by almost 3%. BTC was trading as low as $57,800 yesterday, following which the coin has surged past the $60,000 level now.