Metaplanet shares up 20% as company buys another 20 BTC

Metaplanet’s shares have surged over 20 percent on the Tokyo Stock Exchange following the company’s recent Bitcoin purchase.

Japanese investment firm Metaplanet has spent more than $1.2 million buying another batch of Bitcoin (BTC) as it continues to double down on its long-term holding strategy amid ongoing economic pressures in Japan.

The Tokyo stock exchange-listed investment advisor announced on Monday in a post on his X account that he purchased 20.38 BTC for ¥200 million (about $1.2 million), bringing his total Bitcoin reserves to 245,992 BTC (over $16.6 million at current market prices).

Metaplanet shares | Source: Google

Amid the news, Metaplanet’s shares on the Tokyo Stock Exchange skyrocketed by over 20% to $1.1, according to Google Finance data. The purchases come after Metaplanet allocated over $6.2 million for Bitcoin through the issuance of a second series of ordinary bonds issued through EVO FUND, bearing an annual interest rate of 0.5% and maturing on June 25, 2025.

The latest transaction comes just a week after the firm announced that it had purchased an additional 21.8 BTC as part of a plan to protect the firm amid Japan’s economic challenges, including high government debt, prolonged negative real interest rates, and a “consequently weak yen.”

According to data from BitcoinTreasuries.NET, Metaplanet began buying Bitcoin on April 23 and has since increased its holdings by 766% in US dollar value. With the latest purchase, Metaplanet ranks 21st, just behind Advanced Bitcoin Technologies, according to CoinGecko.