Stacks

Bitcoin

April

Japanese investment firm Metaplanet has purchased more Bitcoin, bringing its stack to nearly 400 Bitcoin and sending its share price on a 5.9% rally on the Tokyo Stock Exchange.
The firm <a data-ct-non-breakable="null" href="https://metaplanet.jp/wp-content/uploads/2024/09/20240910-Notice-of-Additional-Purchase-of-Bitcoins.pdf" rel="null" target="null" text="null" title="null">said</a> on Sept. 10 that it purchased 38.46 Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) for $2.1 million (300 million Japanese yen), bringing its total stash to 398.8 Bitcoin — worth $23 million.
It’s Metaplanet’s tenth Bitcoin purchase since its first on April 23, <a data-ct-non-breakable="null" href="https://bitcointreasuries.net/entities/metaplanet" rel="null" target="null" text="null" title="null">according</a> to Bitcoin Treasuries data.
<figure>
 <img alt="Japan’s Metaplanet up 6% as Bitcoin stack nears 400 BTC" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191de7b-7276-7006-b64d-99e3a287b071">
 <figcaption style="text-align: center;">
 Metaplanet’s Sept. 10 Bitcoin purchase statement. Source: Metaplanet
 </figcaption>
</figure>
Metaplanet is down 13.3% on its total Bitcoin investment, as the cryptocurrency is currently <a data-ct-non-breakable="null" href="https://www.coingecko.com/en/coins/bitcoin" rel="null" target="null" text="null" title="null">trading</a> at $57,520, up 1.5% over the last 24 hours.
However, its share price is up 480% since it unveiled its Bitcoin investment strategy in early April, MarketWatch <a data-ct-non-breakable="null" href="https://www.marketwatch.com/investing/stock/3350?countrycode=jp" rel="null" target="null" text="null" title="null">data</a> shows.
<figure>
 <img alt="Japan’s Metaplanet up 6% as Bitcoin stack nears 400 BTC" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191de7b-e780-7538-b0db-30b5819ab3f5">
 <figcaption style="text-align: center;">
 Metaplanet’s change in share price over the last six months on the Tokyo Stock Exchange. Source: MarketWatch
 </figcaption>
</figure>
Metaplanet now boasts the 27th-largest Bitcoin stash among corporations worldwide, including the third most in Asia.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/metaplanet-semler-scientific-praise-microstrategy-bitcoin-strategy" rel="null" target="null" text="null" title="null">Metaplanet, Semler Scientific were ‘zombie companies’ until Bitcoin, execs say</a>
The firm <a data-ct-non-breakable="null" href="https://contents.xj-storage.jp/xcontents/33500/78d457c2/7534/4ed6/abe3/90f046c452cf/140120240510590390.pdf" rel="null" target="null" text="null" title="null">announced</a> in May that it would adopt an “entire range of capital market instruments” to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/microstrategy-buys-800m-bitcoin" rel="null" target="null" text="null" title="null">bolster its Bitcoin reserves</a> — similar to MicroStrategy’s playbook.
It followed through on the announcement on Aug. 8 when it <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/metaplanet-secures-billion-yen-loan-to-buy-more-bitcoin" rel="null" target="null" text="null" title="null">secured a $6.8 million</a> (1 billion Japanese yen) loan to buy more Bitcoin.
Metaplanet CEO Simon Gerovich explained at July’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/metaplanet-semler-scientific-praise-microstrategy-bitcoin-strategy" rel="null" target="null" text="null" title="null">Bitcoin Conference</a> that its Bitcoin strategy aims to provide a hedge against Japan’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-history-inflation-debt-evolution" rel="null" target="null" text="null" title="null">worsening debt burden</a> and the fast-depreciating Japanese yen.
<blockquote>
 “We realized that Bitcoin is the apex monetary asset [and] something great for our treasury to have […] we then made it our stated goal to own and to purchase as much Bitcoin as we can over time.”
</blockquote>
Gerovich referred to Metaplanet as a “zombie” company before investing in Bitcoin and credited <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/michael-saylor-ups-bitcoin-price-forecast-13-million-mega-bullish-keynote-bitcoin-2024" rel="null" target="null" text="null" title="https://cointelegraph.com/news/michael-saylor-ups-bitcoin-price-forecast-13-million-mega-bullish-keynote-bitcoin-2024">MicroStrategy’s Michael Saylor</a> for paving the way with corporate Bitcoin adoption.&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoin-stacks-price-predictions-cryptocurrency-daan-crypto-trades-hall-of-flame/" rel="null" target="null" text="null" title="null">If Bitcoin doubles, Stacks will 4x in 2025: Daan Crypto Trades, X Hall of Flame</a>

Japan’s Metaplanet up 6% as Bitcoin stack nears 400 BTC

Cointelegraph

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