Metaplanet Acquires Additional Bitcoin, Boosts Stock Price

According to CoinDesk, Japanese firm Metaplanet has acquired an additional 107 BTC at an average price of $64,168 per bitcoin, totaling $6.9 million. This purchase was funded by a loan from MMXX Ventures. The company now holds over 500 BTC, using it as a strategic reserve to hedge against yen volatility and Japan's debt. This strategy has led to a significant 420% increase in its stock price since it began its bitcoin investments in April. Metaplanet announced on Tuesday that it had purchased the additional bitcoin, worth $6.9 million at current prices. The Tokyo-based company arranged a $6.8 million loan in early August to add to its existing BTC holdings. The loan was provided by shareholder British Virgin Islands-based MMXX Ventures, with the entire amount allocated for purchasing bitcoin. In May, Metaplanet adopted bitcoin as a strategic reserve asset to hedge against Japan's debt burden and the resulting volatility in the yen. The firm started buying bitcoin in April with initial transactions of 117.7 BTC, valued at $7.19 million at the time. Now, Metaplanet holds over 500 BTC, making it the largest holder among publicly-traded Asian firms after Hong Kong-based Meitu, according to Bitcoin Treasuries data. The holdings were accumulated at an average price of 9,373,557 yen per Bitcoin, or $64,931. The move has significantly boosted the company’s stock prices, bringing a market capitalization to holdings ratio to a joint highest of 20% on Tuesday. Share prices have increased by over 420% since the firm’s April purchases, while bitcoin itself is down 3%. The increase of bitcoin per share monthly continues to be accretive for shareholders.