Metaplanet buys another $1.2 million in Bitcoin when it returns to $65,000

Bitcoin stack investment firm Metaplanet bought another 21.88 bitcoins — worth more than $1.2 million (200 million Japanese yen) — amid a recent bitcoin rally that saw its price close to $65,000.

According to its latest July 16 purchase statement, the Japan-based bitcoin holdings now total 225.6 bitcoins, valued at $14.6 million.

The recent purchase, coupled with a 4.4% rise in Bitcoin's price over the past 24 hours, sent Metaplanet shares up 25.8% to $0.74 (117 Japanese yen) in the two-and-a-half-hour open on the Tokyo Stock Exchange. July 16, Google Finance data shows.

Metaplanet took advantage of the Bitcoin price crash earlier this month and raised another 42.46 Bitcoin on July 7 for $2.5 million (400 million Japanese Yen).

Since announcing its Bitcoin investment strategy on April 9, 2024, the company's stock price has now increased nearly sixfold.

However, Metaplanet only added 2.8% to its Bitcoin holdings considering the average Bitcoin purchase price of $62,890.

Related: Bitcoin or bust: Companies add BTC to treasury for long

Metaplanet currently owns the world's 21st largest bitcoin corporation, according to CoinGecko.

Metaplanet follows the same playbook as Michael Saylor's Micro Strategy in 2020, so it has been dubbed the “Asia Micro Strategy”.

Like MicroStrategy — the largest corporate bitcoin shareholder — Metaplanet reiterated on May 13 that it will receive “a full range of capital markets tools” to bolster its bitcoin holdings.

Metaplanet took the strategy to hedge against Japan's debt burden and rapidly depreciating Japanese yen.

The Japanese yen has fallen nearly 54 percent against the U.S. dollar since January 2021, while bitcoin is up more than 145 percent over the past 12 months.

Bitcoin is currently trading at $64,640 – a 13.6% increase over the past week.

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