Metaplanet announces purchase of 23 Bitcoins

Metaplanet, a company known as “Japan’s MicroStrategy”, announced the purchase of an additional 23,351 Bitcoins (BTC), significantly reinforcing its cash flow. According to the company, the purchase cost around US$1.6 million, which gave a price of US$65,365 per BTC.

This strategic move shows the company’s growing confidence in BTC as a valuable asset and has received great support from the market. With the recent acquisition, Metaplanet surpassed the 140 BTC mark in custody.

The company’s shares rose sharply this Tuesday (11) after the company revealed the new purchase. The shares rose 9.88%, closing Tuesday’s trading session at 89 yen. Since announcing its strategy to buy BTC, Metaplanet shares have risen by almost 30%.

Metaplanet announced its purchase of BTC through a statement to the company’s shareholders at the end of trading on the exchange. As explained in the document, the company paid 10,278,391 yen per Bitcoin.

On May 28, the company announced its strategy to acquire 250 million yen worth of BTC, in line with its recent strategy, further solidifying its position in the cryptocurrency market.

Metaplanet’s decision to adopt Bitcoin as its primary treasury asset signifies more than just a strategic move. According to the company, it represents a commitment to innovation and adaptability in the constantly evolving financial landscape.

By transitioning to Bitcoin, Metaplanet aims to position itself as a pioneer in Japan’s digital financial ecosystem and an early adopter of cryptocurrencies. Japan has some of the friendliest laws for cryptocurrencies, but no company has ever made as bold an investment decision as Metaplanet.

According to the latest market data, the price of Bitcoin (BTC) fell 3% in the last 24 hours, reaching a value of US$67,985. Trading volume was $26 billion in the last 24 hours, a drop of 2.31%.

With the dynamics of the Bitcoin market indicating a drop in value, Metaplanet managed to acquire its cryptocurrencies at low prices, taking advantage of the price discount.