Japanese listed company Metaplanet's stock price surged 158% in a week due to its Bitcoin strategy

Metaplanet, a publicly traded Japanese company, has adopted a similar Bitcoin investment strategy to Microstrategy, which has led to a sharp rise in its stock price. The Tokyo Stock Exchange has suspended trading in its shares for two consecutive days. The strategy has led to a 158% increase in Metaplanet's stock price in the past week. In just two days, Metaplanet's stock price rose 127% to 93 yen, and its market value was close to $1 billion, so the Tokyo Stock Exchange suspended its stock trading in accordance with the maximum daily increase regulations. Metaplanet aims to increase its Bitcoin reserves as a means of hedging against Japan's economic challenges, including a high debt-to-GDP ratio and a depreciating yen, and has accumulated 117.7 Bitcoins (worth $7.2 million). Its stock price has risen 389% since the announcement of its Bitcoin strategy. (Bitcoin.com)