Metaplanet completes Bitcoin acquisition goal with another $1.2M purchase
Japanese investment and advisory firm Metaplanet announced in June that it has bought an additional 20.38 in Bitcoin worth $1.2 million (200 million yen) to complete its 1 billion yen acquisition plan announced in June.
On June 24, the company said it will issue a bond worth 1 billion yen (about $6.26 million) to raise funds to buy Bitcoin (BTC). The advisory firm said its basic policy is to “hold Bitcoin for the long term.”
Metaplanet bought another 1.2 million dollars worth of Bitcoin
After several purchases, the company finally completed its plan to buy $6.26 million in BTC. On July 22, the company announced that it bought 20.38 BTC for an average of 9,813,061 ($62,574) in Bitcoin. In total, the company spent $1.2 million on the latest acquisition.
As a result of the company's 1 billion yen Bitcoin purchase plan, it was able to purchase 104.91 BTC by paying an average of 9,531,162 (about $60,700) yen in Bitcoin. This puts the company's total Bitcoin holdings at 245.99 BTC, worth $16.5 million at current market rates.
The company's recent acquisitions and the growth of Bitcoin seem to have influenced Metaplanet's stock price. Shares rose 19.31% to 173 yen ($1.10) hours after the announcement, according to Google Finance data.
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Since the first BTC purchase, Metaplanet's stock has risen by 810%.
On April 8, Metaplanet first announced that it would accept Bitcoin as a primary treasury asset. The company said that it is initially offering $6.5 million to buy BTC. The company described the move as a major milestone in its goal to position itself as “Japan's pioneer in the adoption of digital assets.”
Since the initial investment in Bitcoin, Metaplanet's share price has increased from $0.12 to $1.10. This represents an 810% increase since it was first announced on April 8th.
The company has been compared to business intelligence firm MicroStrategy for similarly long-term holdings of bitcoin. Sora Ventures founder Jason Fang has dubbed MetaPlanet as “Asia's first micro-strategy,” allowing the company to gain exposure to the Japanese market for bitcoin.
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