Yahya 
As Bitcoin prices approach $65,000, Metaplanet, a bitcoin-stacking investment business, bought another 21.88 Bitcoin, valued over $1.2 million (200 million Japanese Yen).
The Growing Bitcoin Holdings of Metaplanet
Based on its most recent purchase statement dated July 16, the Japan-based company currently owns 225.6 Bitcoin, worth $14.6 million. Google Finance data shows that the recent acquisition together with Bitcoin’s 4.4% price increase over the last 24 hours have driven a boom in Metaplanet share prices, which increased 25.8% to $0.74 (117 Japanese yen) in the first two and a half hours on the Tokyo Stock Exchange.
Leveraging the price decline earlier this month, Metaplanet bought another 42.46 Bitcoin on July 7 for $2.5 million (400 million Japanese yen). Since revealing its Bitcoin investment plan on April 9, 2024, the stock price of the company has already surged over six-fold.
Strategic Bitcoin Accumulation
Metaplanet, with an average Bitcoin purchase price of $62,890, is only up 2.8% on its Bitcoin holdings despite the current price surge. Because of its comparable 2020 strategy to Michael Saylor’s MicroStrategy, the company has been labelled as “Asia’s MicroStrategy”. Like MicroStrategy, Metaplanet said on May 13 that company intends to increase its Bitcoin reserves by using a variety of capital market instruments.
Hedging Against Economic Pressures
Metaplanet changed its approach to Bitcoin in order to offset the fast declining Japanese yen and increasing debt load of Japan. Since January 2021, the yen has dropped around 54% versus the US dollar; in the same 12 months, Bitcoin has risen over 145%.
Bitcoin is trading now at $63,502, a 10.87% rise over the last week.
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