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Metaplanet, known as the MicroStrategy of Japan, seized the opportunity as Bitcoin dipped below $54,500, purchasing 42.47 BTC today.
Metaplanet's Strategic Bitcoin Acquisition
Metaplanet took advantage of the recent decline in Bitcoin's value by buying 42.47 BTC, or about 2.42 million USD, or 400 million JPY. Coincidentally, the purchase of Bitcoin occurred earlier today, just as its price plummeted below $54,500.
Metplanet, a Japanese corporation, has taken a bold turn by deciding to accumulate Bitcoin. So, it's also known as the MicroStrategy of Japan in the public eye.
By forming a new company in the British Virgin Islands, Metaplanet is broadening its approach to investing in Bitcoin. As part of its strategy for the future, it plans to raise its Bitcoin reserves and strengthen its position in the cryptocurrency market.
Expanding Bitcoin Holdings in Japan
With consistent investment over the past month and beyond, Metaplanet has amassed 203.734 Bitcoins, valued at 2.05 billion yen.
At present, Metaplanet has a market cap of 14.5 billion JPY and 2 billion JPY worth of Bitcoin on its books. A growing number of market watchers anticipate that Bitcoin's proportion of Metaplanet's total assets will soon surpass 100%.
The mastermind behind all these daring actions is @DylanLeClair_, who is Metaplanet's Director of Bitcoin Strategy. According to Leclair, "Japan’s favorable environment for Bitcoin adoption presents a unique opportunity for corporate strategy and growth" in one of these recent podcasts (via Coingape). In addition, LeClair's role as Metaplanet's "Michael Saylor" is becoming increasingly popular.
Since Metaplanet started using Bitcoin as a strategy, the stock price has gone up significantly. The stock price has risen 2.5% in Japan's trading session after lunch, following reports of Bitcoin purchases, after experiencing some volatility earlier in the day.
Impact on Metaplanet's Stock Price
The company's initiative to embrace Bitcoin has been a major factor in the 382% increase in Metaplanet shares since the beginning of 2024. Shares of Metaplanet hit a high of 107 JPY last month. It will be intriguing to observe whether this upswing can persist for any longer.
With an intraday low of $54,420, the price of Bitcoin has plummeted 5.8% in the past day. But with today's BTC acquisition by Metaplanet, it has partially recovered and is now back up to $55,500.
