Japanese Firm Metaplanet Expands Bitcoin Holdings, Stock Prices Surge

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Cryptodnes2024/07/22 14:55

By:Cryptodnes

Japanese company Metaplanet has increased its Bitcoin (BTC) holdings by 20.8 BTC, valued around $1.27 million, reflecting the positive trends in the cryptocurrency market.

This latest acquisition raises Metaplanet’s total Bitcoin reserves to 245.99 BTC, worth approximately $15.5 million.

The firm had previously announced plans to buy Bitcoin worth 1 billion yen, utilizing capital from bond issuance.

This strategic move follows Metaplanet’s decision to use BTC as a treasury reserve asset due to Japan’s prolonged economic challenges, including high government debt and persistent negative interest rates.

Top Trader Shares His Bearish Prediction for Bitcoin

Metaplanet’s stock has experienced a significant boost, climbing 20.69% following the recent Bitcoin purchase announcement.

The company’s stock has shown a 59% increase this week and an 84% rise over the past month, reflecting heightened interest in digital assets. Bitcoin’s price has also surged to $67,668, up 7.43% over the last week.

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