Japan's MicroStrategy subsidiary, Metaplanet, announced the acquisition of an additional 617 Bitcoins, capitalizing on the recent price dip. Metaplanet made this announcement in its latest press release.
Total Bitcoin Holdings Reach 1,762 BTC
On Monday, Metaplanet disclosed that it invested approximately $60.7 million to purchase the 617 Bitcoins, paying an average price of 15.33 million Yen per Bitcoin. This new acquisition raised Metaplanet’s total Bitcoin assets to 1,762 BTC, with the total investment value reaching about 20.87 billion Yen.
Impact of Metaplanet's Strategy on Company Stocks
Metaplanet’s Bitcoin strategy resulted in a 2,034% increase in stock prices on an annual basis. However, after reaching a record high of 4,250 Japanese Yen last week, the stock price experienced a 20% correction, dropping to around 3,410 Japanese Yen. To finance these acquisitions, the company raised 9.5 billion Yen through bond sales last week.
Significance of Metaplanet's Bitcoin Investments
Despite market fluctuations, Metaplanet’s investments in Bitcoin illustrate its commitment to expanding its digital asset portfolio and strengthening its market position. This move also serves as a significant example, inspiring increased interest in Bitcoin among other investors.
Metaplanet's investments in Bitcoin underscore its strategic ambitions and confidence in digital assets as long-term value for its shareholders.
