Metaplanet shares rise by double digits after latest Bitcoin acquisition

Tokyo-based investment firm Metaplanet revealed that it has acquired an additional 57,273 BTC, valued at approximately ¥500 million or $3.4 million amid the current market lull to set the stage for long-term growth .

This purchase is part of the strategy announced on August 8, following the company’s acquisition of a 1 billion yen loan, worth about 6.8 million dollars, intended for increase your Bitcoin reserves. Following the announcement, Metaplanet posted a more than 11% increase in its share price.

The company confirmed in an official statement that it has now completed the planned purchase of Bitcoin for ¥1 billion, bringing its total holdings to 360,368 BTC.

Metaplanet began adopting Bitcoin as a strategic treasury reserve asset in May of this year. The company explained that this decision was a direct response to current economic challenges in Japan, including high public debt, prolonged negative real interest rates and a weak yen.

This strategy is very similar to that of MicroStrategy, which has been issuing debt and equity since 2020 to acquire more than 226,500 BTC.

Marathon Digital Holdings is another public company that recently raised capital for Bitcoin, selling $300 million in convertible notes for the purpose. Similarly, public medtech company Semler Scientific issued equity and debt, with a portion of the funds going toward the purchase of Bitcoin.

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