Tokyo's Metaplanet Inc. Invests $6.3M in Bitcoin, Stock Soars 14%
June 25, 2024Tokyo-based investment firm Metaplanet Inc. plans to acquire 1 billion yen ($6.3m) worth of Bitcoin.
The acquisition will be funded by a recent bond sale.
This move is part of Metaplanet's 'Bitcoin-first, Bitcoin-only approach' to hedge against the weakening Japanese yen.
Metaplanet's total Bitcoin holdings have increased to over 240 BTC ($15m).
The firm saw a 14% increase in stock price on Monday.
Metaplanet's strategy of integrating Bitcoin into its treasury assets is garnering significant attention.
Despite notable moves, Metaplanet does not hold as much Bitcoin as MicroStrategy.
Summary based on 10 sources
Get a daily email with more Tech stories
Sources
CoinDesk • Jun 24, 2024
Japan’s Metaplanet Wants to Buy Another $6M BitcoinCointelegraph • Jun 24, 2024
Japan’s Metaplanet plans 1B yen bond sale to buy more BitcoinCoinpedia Fintech News • Jun 24, 2024
Metaplanet Expands Bitcoin Holdings: 1 Billion Yen Investment in Bitcoin Amid Yen VolatilityThe Block • Jun 24, 2024
Japanese firm Metaplanet Inc. to buy bitcoin worth $6.3 million through bond issuance