Japanese investment firm Metaplanet Inc.’s stock rose 25.8% in early trading Tuesday after the company said it had purchased about $1.26 million worth of additional bitcoin.
Tokyo listed company goes public 21877 I bought an additional 200 million yen worth of Bitcoin today Bitcoin
+0.62%
The latest acquisition comes just over a week after the company purchased 42.47 BTC on July 8. In May, the company announced that it had begun adopting Bitcoin as a strategic treasury reserve asset. “This move is a direct response to Japan’s ongoing economic pressures, particularly its high government debt levels, prolonged negative real interest rates, and the resulting weak yen,” the company said at the time.
According to Google Finance, Metaplanet’s stock price rose about 25.81% in morning trading.
Last month, Metaplanet announced that its board of directors had agreed to purchase 1 billion yen ($6.26 million) worth of Bitcoin using capital raised through a bond issue.
According to data from Bitcointreasuries.net, Metaplanet previously purchased Bitcoin on April 23, May 10, June 11, July 1, and July 8.
Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.