On Tuesday, the Metaplanet share price rose 25%, surpassing Bitcoin’s gains. The company’s total Bitcoin holdings currently exceed 225 BTC.
Key Points:
- Metaplanet purchased a further 21.88 BTC for $1.26 million, bringing its total holdings to 225 BTC.
- Metaplanet’s Bitcoin adoption strategy has dramatically raised its stock price, which is up another 25.81% today.
- The Company’s market capitalization today stands at 17.5 billion JPY, with Bitcoin holdings of 2.25 billion JPY.
Japan-based publicly traded company Metaplanet is still on a Bitcoin buying spree, having purchased an additional 21.88 BTC earlier today, totaling an estimated $1.26 million. This comes as Bitcoin’s price rose another 4.5% on Monday, approaching $65,000.
Metaplanet Creates Its Own Bitcoin Stack
Over the past two months, Metaplanet has been slowly increasing its Bitcoin stack, taking inspiration from MicroStrategy. During the recent Bitcoin drop, the Japanese company has been consistently buying Bitcoin every week using the successful dollar-cost-averaging (DCA) technique.
With today’s purchase, Metaplanet now has over 225 BTC, worth $14.55 million at the current BTC price. Like MicroStrategy, Metaplanet is also raising money for the bitcoin purchase by selling bonds.
*Metaplanet purchases additional 21.88 $BTC* pic.twitter.com/zCXzKFudog
— Metaplanet Inc. (@Metaplanet_JP) July 16, 2024
Today’s news has caused Metaplanet’s share price to jump by over 25.81%; it is currently trading at 117 JPY. The company’s plan to adopt Bitcoin has given a strong boost to its stock, which has risen by over 631% since the start of the year.
With 2.25 billion JPY of bitcoin assets on its balance sheet, Metaplanet currently has a market capitalization of 17.5 billion JPY. The proportion of bitcoin in Metaplanet’s total assets is growing rapidly, and some market observers believe it could soon surpass 100%.
BTC price recovery
Bitcoin’s price has made a strong comeback in the past week, rising 13.3% to near $65,000. The surge was driven primarily by last weekend, when former President Donald Trump narrowly escaped an assassination attempt during a campaign event.
However, a significant factor in the surge in BTC price has also been the growing institutional interest in cryptocurrencies. Massive investments in spot bitcoin ETFs have boosted the market last week, showing a resurgence of institutional interest in this asset class.
However, experts predict that the upward movement of the global liquidity index will cause a massive surge in the Bitcoin price soon.
