Metaplanet collects 10% when earning 3rd bitcoin in 2 months

Shares in “Asia Microstrategy” posted a double-digit gain on Tuesday — the third in seven weeks.

On June 11, a company statement said that the firm bought 23,25 Bitcoin (BTC) for almost $1.59 million, bringing the total holdings to 141,07 Bitcoin ($9.6 million) and 10,278,391 Japanese Yen ($65,365) on the average purchase price of Bitcoin.

This Metaplanet earns a 4.5% return on Bitcoin investment at the current Bitcoin price of $68,313, according to CoinGecko.

Investors seemed to like the move, with Metaplanet shares rallying 10.8% to 92 yen ($0.59) before settling at 89 yen ($0.57) on the Tokyo Stock Exchange at midday on June 11, Google Finance reported.

Since the firm announced its Bitcoin investment strategy on April 9, 2024, it has seen its stock rise fivefold.

The first bitcoin purchase was on April 23 for 97.85 bitcoins, followed by an additional 19.87 bitcoins on May 10, according to Bitcoin Treasuries. He now owns the 30th-largest Bitcoin corporation in the world.

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.

The firm adopted the strategy to hedge against Japan's debt burden and rapidly depreciating Japanese yen.

Japan's debt-to-GDP ratio of 261 percent is the worst among developed nations, Metaplanet said.

The yen has fallen 35% against the US dollar since January 2021, while bitcoin has gained nearly 200% against the yen over the past 12 months.

Related: Bitcoin's Recent Price Move to $90K Is ‘Real Deal Market Pump'

However, that's still below the Michael Saylor-run company's bitcoin holdings of 214,400 bitcoins — an amount that's 1.02 percent of the nearly 21 million bitcoins in circulation.

Metaplanet is currently only listed on the Tokyo Stock Exchange, which limits access to US investors, but efforts are underway to change that.

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