Finance

Metaplanet Stock Soars 14% After ¥1B Bitcoin Investment

Aug 20, 2024 1 min read

Jump to Summary

Japanese investment firm Metaplanet has acquired an additional 57.273 Bitcoin, valued at approximately ¥500 million ($3.4 million), bringing its total Bitcoin holdings to 360.368 BTC. This purchase was financed through a ¥1 billion loan from MMXX Ventures at a 0.1% annual percentage rate. The announcement of this acquisition resulted in a 14% surge in Metaplanet's stock price, which has risen by over 645% year-to-date.

Metaplanet's strategy of leveraging low-interest loans to buy Bitcoin aims to capitalize on Japan's low real interest rates and a weakening yen. This approach mirrors similar strategies adopted by companies like MicroStrategy. The firm plans to continue increasing its Bitcoin reserves and has outlined a public offering to raise ¥10.08 billion for future purchases. The company’s stock price growth and its aggressive Bitcoin buying strategy could have broader implications for both the corporate sector and the cryptocurrency market.

#bitcoin #cryptocurrency #blockchain #markets #business

Summary

Other news in finance

Oil Prices Soar as Gulf Storm Threatens Amid Market Recovery

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 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 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 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