Japanese Investment Company Metaplanet Buys $1.2 Million Worth of Bitcoin
Japanese investment firm Metaplanet Inc. experienced a 25.8% increase in its stock price on Tuesday morning, following the announcement of its purchase of additional Bitcoin amounting to $1.26 million.
The company, listed in Tokyo, revealed that it had acquired 200 million yen worth of Bitcoin, equivalent to 21.877 BTC, bringing its total holdings to 225.611 BTC or about 2.25 billion yen ($14.2 million).
This is the second time in a week that Metaplanet has bought Bitcoin, after purchasing 42.47 BTC on July 8.
In May, the company declared that it intends to use Bitcoin as its strategic treasury reserve asset in response to economic challenges in Japan, such as high government debt, prolonged periods of negative real interest rates, and a weak yen.
As a result of this news, Metaplanet’s stock saw a significant increase of 25.81% during the morning session, as reported by Google Finance.
