Japanese investment firm, Metaplanet, has continued its strategic Bitcoin purchase today, securing approximately 107 BTC worth 1 billion yen (or $6.7 million). In a press release published on X (formerly Twitter), the public-traded company disclosed that it purchased each Bitcoin at an average price of 9,347,891 yen, worth $62,703 at the time of writing. Consequently, its total BTC holding now approaches 1,000 as it currently stands at 855.778. Following the latest purchase, its share price jumped by almost 16% according to data from Google Finance.
This buy comes shortly after it acquired 108.999 Bitcoins on October 11. Metaplanet, often referred to as the Microstrategy of Japan, turned to Bitcoin as a store of value, in response to the country’s economic struggles, hedging against the falling Japanese yen. Since March 2024, Metaplanet has spent 7.965 billion yen ($53.4 million) in acquiring Bitcoin. At the time of writing, the flagship cryptocurrency Bitcoin traded at $65,748, representing a 1.91% increase in the last 24 hours.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.