<p class="is-style-lead">Metaplanet’s shares surged over 20% on the Tokyo Stock Exchange following the company’s latest acquisition of Bitcoin.</p> 
<p>Japanese investment firm Metaplanet spent over $1.2 million to buy another group of Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) as it continues to double down on its long-term holding strategy amid sustained economic pressures in <a href="https://crypto.news/tag/japan/" target="_blank" rel="noreferrer noopener">Japan</a>.</p> 
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   <p lang="en" dir="ltr">*Metaplanet purchases additional 20.38 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$BTC</a>* <a href="https://t.co/xt1AjSWPNL" target="_blank" rel="">pic.twitter.com/xt1AjSWPNL</a></p>— Metaplanet Inc. (@Metaplanet_JP) <a href="https://twitter.com/Metaplanet_JP/status/1815176624351900074?ref_src=twsrc%5Etfw" target="_blank" rel="">July 22, 2024</a>
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<p>In an X post on Monday, the Tokyo-listed investment adviser said it had acquired 20.38 BTC for ¥200 million (around $1.2 million), bringing its total Bitcoin reserves to 245.992 BTC (over $16.6 million at current market prices). </p> 
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  Metaplanet shares | Source: Google
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<p> You might also like: <a href="https://crypto.news/lbank-hot-water-breaking-japan-financial-rules/"> LBank in hot water for breaking Japan’s financial rules </a> </p> 
<p>Amid the news, Metaplanet’s shares on the Tokyo Stock Exchange soared in a moment by over 20% to $1.1, according to data from Google Finance. The purchases follow Metaplanet’s recent&nbsp;<a href="https://crypto.news/japanese-consulting-firm-metaplanet-to-put-6-2m-in-bitcoin/" target="_blank" rel="noreferrer noopener">allocation</a>&nbsp;of over $6.2 million for Bitcoin through the issuance of a second series of ordinary bonds issued via EVO FUND, which feature an annual interest rate of 0.5% and are set to mature on June 25, 2025.</p> 
<p>The latest transaction comes just a week after the firm <a href="https://crypto.news/metaplanet-bolsters-bitcoin-reserves-with-another-purchase-of-21-8-btc/" target="_blank" rel="noreferrer noopener">said it had acquired</a> an additional 21.8 BTC as part of its plan to protect the firm amid Japan’s economic challenges, including high government debt, prolonged negative real interest rates, and a “consequently weak yen.”</p> 
<p>According to data from BitcoinTreasuries.NET, Metaplanet began purchasing Bitcoin on April 23 and has since increased its holdings by 766% in U.S. dollar value. With the latest purchase, Metaplanet now ranks 21st, just behind Advanced Bitcoin Technologies, as per CoinGecko.</p> 
<p> Read more: <a href="https://crypto.news/japanese-yen-goes-to-zero-against-bitcoin/"> Japanese yen goes to zero against Bitcoin </a> </p>

Metaplanet shares up 20% as company buys another 20 BTC

crypto.news

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