Metaplanet purchases another $1.2 million, completing 1 billion yen Bitcoin goal

Metaplanet buys another $1.2 million worth of Bitcoin

Japanese investment and consulting firm Metaplanet has announced the completion of its Bitcoin acquisition plan. The firm purchased an additional 20.38 BTC, worth approximately $1.2 million (200 million yen), achieving its target set in June to acquire 1 billion yen in Bitcoin.

Metaplanet announces another Bitcoin purchase. Source:Metaplanet

Details of the Latest Purchase

On July 22, Metaplanet revealed the purchase of 20.38 BTC at an average price of 9,813,061 yen per Bitcoin, equating to about $62,574 USD per Bitcoin. This latest acquisition brings the firm’s total Bitcoin holdings to 245.99 BTC, valued at approximately $16.5 million based on current market prices. The firm’s overall Bitcoin purchases total 104.91 BTC, acquired at an average price of 9,531,162 yen (around $60,700 USD) per Bitcoin.

Impact on Metaplanet’s Stock

Following the announcement of its latest Bitcoin purchase, Metaplanet’s stock experienced a notable increase. According to Google Finance data, the stock price rose by 19.31% to 173 yen ($1.10 USD) shortly after the news. Since its initial Bitcoin investment announcement on April 8, Metaplanet’s share price has surged by 810%, from approximately $0.12 to $1.10.

Metaplanet's stock prices since its first Bitcoin purchase. Source: Google Finance

Comparison with MicroStrategy

Metaplanet's strategy has drawn comparisons to business intelligence firm MicroStrategy, known for its substantial Bitcoin investments. Jason Fang, founder of Sora Ventures, has referred to Metaplanet as "Asia's first MicroStrategy," highlighting the company's role in introducing Bitcoin to the Japanese market as a core asset.

While Metaplanet’s strategic Bitcoin purchases have generated significant stock gains, investors should consider potential market fluctuations and the long-term implications of such investments.