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Metaplanet Completes ¥1 Billion Bitcoin Acquisition, Stock Surges 14%
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Metaplanet, a Japanese firm listed on the Tokyo Stock Exchange, has seen its stock rise by 14% following the completion of its ¥1 billion Bitcoin acquisition.
The company, which has adopted Bitcoin as its primary treasury reserve asset, recently announced the purchase of 57.273 BTC for ¥500 million, bringing its total Bitcoin holdings to 360.368 BTC.
Source: Yahoo Finance
This acquisition was financed by a ¥1 billion loan from MMXX Ventures and follows a similar ¥500 million purchase made last week.
Strategic Shift to Bitcoin
Metaplanet's recent moves are part of a broader strategy to bolster its Bitcoin reserves.
The company originally focused on hotel development but has since diversified into consulting services for Bitcoin adoption, real estate, and investments.
Response to Economic Challenges
The decision to focus on Bitcoin comes in response to Japan's ongoing economic challenges, such as high government debt and negative real interest rates.
This shift in strategy appears to have reinvigorated the company, which, according to CEO Simon Gerovich, was showing signs of becoming a "zombie company" before its pivot to Bitcoin.
Gerovich emphasised that Bitcoin is viewed as the "apex monetary asset" and a vital component of Metaplanet's treasury strategy.
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