Metaplanet Stock Price Shoots 13% As Firm Buy Bitcoin Worth 500M Yen

Japan’s public listed firm Metaplanet has purchased bitcoins worth 500 million Japanese yen, completing its latest Bitcoin investment strategy. Metaplanet stock price closed 10.87% on Tuesday rallying more than 13% after chief executive officer Simon Gerovich announced the latest BTC purchase.

Metaplanet Inc Buying Additional Bitcoins

In an official announcement on August 20, Metaplanet Inc disclosed that it has added an additional 57.273 BTC worth 500 million Japanese yen ($3.39 million) to its balance sheet. The company purchased these at an average price of 8,730,117 ($59,317) per BTC.

Simon Gerovich said the company’s BTC holdings have now reached 360.368 BTC. The company known as “Japan’s MicroStrategy” acquired these for 3.45 billion Japanese yen at an average price of 9,573,556 yen per BTC. This triggered a rally in Metaplanet stock price today.

Last week, Metaplanet announced 57.103 BTC purchase worth 500 million Yen ($3.3 million). The company purchased it at an average price of 8,756,107 yen per BTC. The company took 1 billion Japanese yen loan at just 0.1% APR.

The low interest rates in Japan enable the company to buy more bitcoins with loans. It is the best use of the Japanese Yen carry trades, which involves borrowing Yen at cheaper rates and purchasing high-yield assets in the global market.

Metaplanet Stock Price Jumps 13%

The company’s shares continued to rally after it added BTC to its balance sheet. Metaplanet stock price soared 13% on Tuesday after chief executive officer Simon Gerovich took to X and announced the latest BTC purchase.

The Tokyo Stock Exchange-listed firm has rallied more than 645% year to date amid the aggressive BTC buying strategy. Metaplanet stock price is currently trading at 1,193 yen, up more than 10% at the time of writing. It hit an intraday high of 1,295 JPY.

Meanwhile, BTC price jumped more than 4% in the past 24 hours, with the price currently trading near $60,624 at the time of writing. The 24-hour low and high are $57,864 and $61,396, respectively. Also, the trading volume saw a 40% increase in the last 24 hours, indicating massive interest among traders.

Crypto analyst Rekt Capital predicts that BTC needs to close the week above $58,674 to successfully reclaim the channel bottom as support and confirm the upcoming upside move.