Japan’s Metaplanet up 6% as Bitcoin(BTC) stack nears 400 BTC

Metaplanet’s stock has risen by 480% since it announced its Bitcoin strategy in April, yet the company has lost 13% on its investment. Metaplanet, a Japanese investment firm, has purchased additional Bitcoin, boosting its stack to around 400 and pushing its share price up 5.9% on the Tokyo Stock Exchange.

On September 10, the corporation purchased 38.46 Bitcoin for $56,625 ($2.1 million, 300 million Japanese yen), raising its total hoard to 398.8 Bitcoin worth $23 million. According to Bitcoin Treasuries statistics, it is Metaplanet’s eighth Bitcoin purchase since its inception on April 23.

Metaplanet’s total Bitcoin investment is down 13.3%, with the cryptocurrency now valued at $57,520, up 1.5% in the last 24 hours. However, according to MarketWatch statistics, its stock price has risen by 480% since it announced its Bitcoin investing strategy in early April. Metaplanet currently has the 27th-largest Bitcoin stockpile among firms globally, and the third-largest in Asia. The firm said in May that it would use an “entire range of capital market instruments” to increase its Bitcoin reserves, similar to MicroStrategy’s strategy.

It followed up on its announcement on August 8 by securing a $6.8 million (1 billion Japanese yen) loan to buy more Bitcoin. At the July Bitcoin Conference, Metaplanet CEO Simon Gerovich said that the company’s Bitcoin strategy aims to hedge against Japan’s rising debt burden and the rapidly falling Japanese yen.

“We realized that Bitcoin is the apex monetary asset [and] something great for our treasury to have we then made it our stated goal to own and to purchase as much Bitcoin as we can over time.” Gerovich referred to Metaplanet as a “zombie” company before investing in Bitcoin, and he credited MicroStrategy’s Michael Saylor with pioneering corporate Bitcoin adoption.

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