Japan-based Metaplanet Inc has announced the completion of its latest Bitcoin investment strategy, purchasing BTC worth 500 million yen.
Metaplanet Inc's Latest Bitcoin Purchases
On August 20, Metaplanet Inc disclosed that it has added an additional 57.273 BTC worth 500 million Japanese yen ($3.39 million) to its balance sheet. The company purchased these at an average price of 8,730,117 yen ($59,317) per BTC. CEO Simon Gerovich stated the company’s BTC holdings have now reached 360.368 BTC, acquired for 3.45 billion yen at an average price of 9,573,556 yen per BTC. This triggered a rally in Metaplanet stock price. Last week, the company also announced a 57.103 BTC purchase worth 500 million yen ($3.3 million), bought at an average price of 8,756,107 yen per BTC.
Rise in Metaplanet Stock Price
The company’s shares continued to rally after the addition of BTC to its balance sheet. Metaplanet stock price soared 13% on Tuesday after CEO Simon Gerovich announced the latest BTC purchase via social media platform X. The Tokyo Stock Exchange-listed firm has rallied more than 645% year to date amid the aggressive BTC buying strategy. Metaplanet stock price is currently trading at 1,193 yen, up more than 10% at the time of writing, having hit an intraday high of 1,295 yen today.
Impact on Bitcoin Market
Bitcoin price surged more than 4% in the past 24 hours, currently trading at $61,065. The 24-hour low and high are $57,864 and $61,396, respectively. Additionally, trading volume saw a 40% increase in the last 24 hours, indicating significant interest among traders.
Metaplanet Inc's investment activities are significantly impacting the bitcoin market, driving up prices both for its stocks and for bitcoin itself.
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