Metaplanet acquires more Bitcoin as market rebounds to $63k

Quick Take

On July 1, Metaplanet acquired an additional 20.195 Bitcoin, bringing its total holdings to 161.26 Bitcoin. The company spent 200 million yen ($1.24 million) on its latest purchase, with an average price of 9,903,441 yen ($61,506) per Bitcoin.

The acquisition is part of Metaplanet’s long-term plan to increase its Bitcoin stack. On June 24, the company announced plans to issue 1 billion yen worth of bonds (or around $6.26 million) to support additional Bitcoin acquisitions.

Metaplanet BTC Purchase: (Source: @Metaplanet_JP) — Screengrab showing Metaplanet’s announcement on July 1, 2024 (Source: @Metaplanet_JP)

The company’s average purchase price for Bitcoin now stands at 10,231,438 yen ($63,543), with a total investment of 1.65 billion yen. This strategic move comes as Bitcoin surpasses $63,000, boosting Metaplanet’s share price by 1% today and marking a 525% increase year to date.

Meanwhile, the Japanese yen continues to weaken, now trading at 161 against the US dollar.

BTCUSD vs USDJPY: (Source: TradingView) — Graph showing the BTCUSD and USDJPY from Jan. 1 to July 1, 2024 (Source: TradingView)

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