- Metaplanet’s stock price surged more than 13% and finished Tuesday at 10.87%.
- The company’s Bitcoin holdings have now reached 360.368 BTC.
As part of its most recent Bitcoin investment strategy, the publicly traded Japanese company Metaplanet has acquired bitcoins valued at 500 million Japanese yen. In the wake of chief executive officer Simon Gerovich’s announcement of Metaplanet’s second Bitcoin acquisition, the stock price surged more than 13% and finished Tuesday at 10.87%.
Metaplanet Inc. said on August 20 that it had increased its balance sheet by 57.273 BTC, which is equivalent to 500 million Japanese yen ($3.39 million). The average price per Bitcoin that the corporation paid for them was $59,317.
Banking on Bitcoin
Moreover, the company’s Bitcoin holdings have now reached 360.368 BTC, according to Simon Gerovich. At an average price of 9,573,556 yen per Bitcoin, the firm referred to as Japan’s MicroStrategy paid 3.45 billion Japanese yen to buy them. The stock price of Metaplanet rose today as a result of this.
Metaplanet reported last week that they had purchased 57.103 Bitcoins, for a total of 500 million Yen, or $3.3 million. The average price per Bitcoin that the corporation paid was 8,756,107 yen. A loan of 1 billion Japanese yen was taken out by the corporation at an interest rate of just 0.1%.
The corporation is able to purchase additional bitcoins using loans because of the cheap interest rates in Japan. To put it simply, it’s the optimal application of Japanese yen carry trades, which include borrowing yen at lower rates and investing them in global assets with high yields.
After the corporation added Bitcoin to its balance sheet, the share price kept going up. The aggressive BTC purchasing strategy has caused the Tokyo Stock Exchange-listed firm’s stock to rally more than 645% year to date.
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