Metaplanet Stock Price Skyrockets 13% After Buying Additional $3.39M Worth of Bitcoins

Japan-based Metaplanet has purchased bitcoins worth 500 million Japanese yen, completing its latest Bitcoin investment strategy.

Japan-based Metaplanet has completed its latest Bitcoin investment strategy by purchasing bitcoins to the tune of 500 million Japanese yen. The stock price of Metaplanet skyrocketed nearly 13% on Tuesday after the company’s chief executive officer announced the latest BTC purchase.

Metaplanet Inc is now buying additional bitcoins. In an official announcement on August 20, Metaplanet Inc disclosed that it has added an additional 57.273 BTC, which is valued at 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.

The company’s BTC holdings have now reached 360.368 BTC, according to Simon Gerovich. The company, which is sometimes referred to as “Japan’s MicroStrategy,” acquired these for 3.45 billion Japanese yen at an average price of 9,573,556 yen per BTC. As a result, the Metaplanet stock price increased today.

Earlier this month, Metaplanet announced the purchase of 57.103 BTC for 500 million Yen ($3.3 million). The company purchased it at an average price of 8,756,107 yen per BTC. The company took out a loan of 1 billion Japanese yen at an annual percentage rate (APR) of only 0.1%.

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