Finance

Metaplanet Shares Surge 10% After Latest $1.6 Million Bitcoin Purchase

Jun 11, 2024 1 min read

Jump to Summary

Metaplanet, a Japanese public company, has increased its Bitcoin holdings by purchasing an additional 23.351 Bitcoins worth nearly $1.59 million. This acquisition brings the company's total Bitcoin holdings to 141.0727 Bitcoins, valued at approximately $9.6 million. The average purchase price for this latest acquisition was 10,706,180 yen per Bitcoin. The company's shares rose by 10% following the announcement, marking its third significant Bitcoin purchase in the past seven weeks.

Since Metaplanet's initial Bitcoin investment strategy was unveiled on April 9, 2024, the company's stock has nearly quintupled. The firm uses Bitcoin as a reserve asset to hedge against Japan's increasing debt burden and the depreciation of the Japanese yen, which has fallen nearly 35% against the US dollar since January 2021. Despite these recent purchases, Metaplanet ranks as the 30th largest corporate holder of Bitcoin globally. The company's strategic move into cryptocurrency reflects a broader trend of institutional investment in digital assets amid economic challenges in Japan.

#cryptocurrency #bitcoin #tech #entrepreneur

Summary

Other news in finance

Oil Prices Soar as Gulf Storm Threatens Amid Market Recovery

Oil prices experienced a rebound as a potential hurricane approaches the U.S. Gulf Coast. West Texas Intermediate (WTI) crude futures rose by 1.48% to $68.67 per barrel, and Brent crude futures increased by 1.39% to $72.05 per barrel. This follows a period of declining prices

Friend.tech Token Nosedives After Ceding Smart Contract Control

Friend.tech, a decentralized social media platform, saw a sharp decline in the value of its native token, FRIEND, after the team transferred control of its smart contracts to Ethereum's null address on September 8. This move, aimed at preventing future changes to the platform's fees

Three Israelis Killed in Allenby Crossing Shooting

Three Israeli civilians were killed in a shooting at the Allenby Bridge crossing between the West Bank and Jordan. The attacker, identified as a Jordanian truck driver, opened fire on Israeli workers at the crossing before being neutralized by security forces. Three additional individuals were critically injured and are receiving

Tether Diversifies with $100M Investment in Adecoagro

Tether, the world's largest stablecoin issuer, has invested $100 million to acquire a 9.8% stake in Adecoagro, a Latin American agricultural company with a presence in Argentina, Brazil, and Uruguay. This acquisition, completed between July 29 and August 16, 2024, involved purchasing over 10 million shares and