United

Bitcoin

April

Shares in “Asia’s MicroStrategy” Metaplanet surged double-digits on Tuesday after the company disclosed another million-dollar Bitcoin&nbsp;purchase — its third in seven weeks.
A company <a href="https://contents.xj-storage.jp/xcontents/33500/7a1b93bb/ab2b/4713/abe9/e2ce84dbdd8a/140120240610525851.pdf" target="_blank" rel="noopener nofollow">statement</a> on June 11 revealed the firm bought 23.25 Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;worth almost $1.59 million, bringing its total holdings to 141.07 Bitcoin ($9.6 million) at an average purchasing price of&nbsp; 10,278,391 Japanese yen ($65,365) per Bitcoin. 
This puts Metaplanet at a gain of 4.5% on its <a href="https://cointelegraph.com/news/institutional-investors-bitcoin-guide">Bitcoin investment</a> at Bitcoin’s current price of $68,313, <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener nofollow">according</a> to CoinGecko.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/6a91b68a-bbf6-46e0-b893-6a87fb48837d.png" alt="" title="">
 <figcaption style="text-align: center;">
 Statement reflecting Metaplanet’s latest Bitcoin holdings. Source: Metaplanet
 </figcaption>
</figure>
Investors appeared to like the move, with Metaplanet stock rallying 10.8% to 92 yen ($0.59) before cooling off to 89 yen ($0.57) by midday on the Tokyo Stock Exchange on June 11, <a href="https://www.google.com/finance/quote/3350:TYO" target="_blank" rel="noopener nofollow">according</a> to Google Finance.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/64ff503b-8c91-4f9d-8901-4f62f753faec.png" alt="" title="">
 <figcaption style="text-align: center;">
 Metaplanet’s change in stock price on June 11. Source: Google Finance
 </figcaption>
</figure>
The firm<a href="https://cointelegraph.com/news/asia-micro-strategy-metaplanet-smashes-all-other-japanese-stocks"> has seen its stock soar</a> nearly fivefold since it <a href="https://cointelegraph.com/news/japanese-investment-firm-boost-stock-adopt-bitcoi">unveiled its Bitcoin investment strategy</a> on April 9, 2024.
Its first Bitcoin purchase was on April 23 for 97.85 Bitcoin, followed by an additional 19.87 Bitcoin on May 10, <a href="https://bitcointreasuries.net/" target="_blank" rel="noopener nofollow">according</a> to Bitcoin Treasuries.&nbsp;It is now the 30th-largest corporate holder of Bitcoin in the world.
Similar to MicroStrategy — the largest corporate Bitcoin shareholder — Metaplanet&nbsp;<a href="https://contents.xj-storage.jp/xcontents/33500/78d457c2/7534/4ed6/abe3/90f046c452cf/140120240510590390.pdf" target="_blank" rel="noopener nofollow">iterated</a> on May 13 that it’ll adopt an “entire range of capital market instruments” to <a href="https://cointelegraph.com/news/microstrategy-buys-800m-bitcoin">bolster its Bitcoin reserves</a>.
The firm adopted the strategy to hedge against Japan’s <a href="https://cointelegraph.com/news/crypto-history-inflation-debt-evolution">worsening debt burden</a> and the quickly depreciating Japanese yen.
Japan’s debt-to-gross domestic product (GDP) ratio of 261% is the worst among developed countries, Metaplanet said.
The yen has fallen almost 35% against the United States dollar since January 2021, while Bitcoin is up nearly 200% against the yen over the last 12 months.
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-price-surge-real-deal-market-pump-crypto-traders">Bitcoin’s recent price move is the ‘real deal market pump’ to $90K</a>
However, it’s still far below the Bitcoin holdings of the Michael Saylor-run firm, which holds 214,400 Bitcoin — amounting to 1.02% of the roughly 21 million Bitcoin that will ever enter into circulation.
Metaplanet is currently only available on the Tokyo Stock Exchange, which restricts access to United States investors, but <a href="https://x.com/Arnab_Naskarr/status/1793321731928588493" target="_blank" rel="noopener nofollow">efforts</a> are being made to change that.
Magazine:&nbsp;<a href="https://cointelegraph.com/magazine/bitcoin-stacks-price-predictions-cryptocurrency-daan-crypto-trades-hall-of-flame/">If Bitcoin doubles, Stacks will 4x in 2025: Daan Crypto Trades, X Hall of Flame</a>

Metaplanet rallies 10% as it scoops Bitcoin for 3rd time in 2 months

Cointelegraph

Other articles published on Jun 11, 2024

zkSync Shares Airdrop Event Details

CoinBase Rumours Ignites Rush, Could MBAG Reach The $1 Mark After Burns

The Next Big Altcoins: Analysts Reveal Their Top Picks for 2024: Bitgert, Ethena, Render, Dogwifh...

Dogecoin's Volatility: A Cautionary Tale

Biconomy Uses AI for Autonomous Transactions

Top 6 Cryptocurrencies to Invest in 2024!: Bitgert, Toncoin, Ondo, Solana, Uniswap, Wormhole

Join our free newsletter for daily crypto updates!