Metaplanet Inc. Stock Surge After Bitcoin Purchase Announcement
Japanese investment firm Metaplanet Inc. saw its stock price surge 21% during morning trading on Monday after disclosing that it had purchased more bitcoin.
The Tokyo-listed firm announced today that it bought an additional 20.381 BTC, or about 200 million yen ($1.27 million), bringing its total bitcoin holdings to 245.992 BTC.
With the latest acquisition, Metaplanet Inc said it had completed its initial plan announced on June 24 to purchase 1 billion yen worth of bitcoin.
Metaplanet’s stock jumped about 21% in the morning session, according to Google Finance.
In May, Metaplanet Inc announced that it had started to adopt bitcoin as its strategic treasury reserve asset. “The move is a direct response to sustained economic pressures in Japan, notably high government debt levels, prolonged periods of negative real interest rates, and the consequently weak yen,” the company said at the time.
Metaplanet has made multiple bitcoin acquisitions over the past few months. Data from Bitcointreasuries.net shows that Metaplanet previously purchased bitcoin on April 23, May 10, June 11, July 1, July 8, and July 16.
The firm added that the average purchase price of all its bitcoin holdings was 9.96 million yen (about $63,250) per bitcoin.
