- Metplanet bought an additional $1.6 million worth of bitcoin, bringing its total holdings up to $9.4 million.
- Metaplanets stock jumped by 10% following the disclosure on Tuesday.
As a researcher with experience in the financial industry, I find Metaplanet’s latest move to increase its bitcoin holdings by an additional $1.6 million to be an interesting development. The Japanese investment firm’s decision to invest heavily in bitcoin comes at a time when Japan’s government debt burden is at an all-time high, with a net debt-to-GDP ratio of 159% in 2023 – the highest among G7 countries.As a crypto investor, I’m thrilled to share that Metaplanet, a Japanese investment firm, has announced another purchase of bitcoin (BTC) amounting to 250 million yen, equivalent to approximately $1.6 million USD. With this latest acquisition, my holdings in BTC have now reached a total of 141 coins, valued at around $9.4 million.
The stock price of Metaplanet increased by 9.9% on Tuesday following the announcement of their latest acquisition, marking their third deal since April 2024.
Last month, the firm announced its decision to include bitcoin in its reserve assets as a means of mitigating risks linked to Japan’s substantial debt and the ensuing yen volatility. In 2023, the Japanese government’s net debt relative to its Gross Domestic Product (GDP) reached an all-time high among G7 countries, amounting to approximately 159%. Conversely, Canada boasted the lowest ratio at only 15% that year.
As a researcher studying the bitcoin strategies of notable companies, I’ve observed that Metaplanet’s approach resembles MicroStrategy’s from Tysons Corner, Virginia. MicroStrategy, being a software developer, has been an active buyer of bitcoin since 2020, amassing a substantial holding of 214,400 BTC valued at approximately $14.3 billion today. This makes MicroStrategy the largest corporate owner of this digital asset.
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2024-06-11 17:47