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Finance

Metaplanet Discloses $1.6M BTC Purchase; Shares Jump 10%

The investment firm now owns 141 BTC, worth about $9.4 million.

By Oliver Knight
AccessTimeIconJun 11, 2024 at 2:31 p.m. UTC
Updated Jun 11, 2024 at 2:33 p.m. UTC
Cityscape Tokyo, Japan (Ryo Yoshitake/Unsplash)
Cityscape Tokyo, Japan (Ryo Yoshitake/Unsplash)
  • 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.
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    • Japanese investment firm Metaplanet disclosed an additional bitcoin (BTC) purchase, worth 250 million yen ($1.6 million), taking its holdings of the largest cryptocurrency to 141 BTC, a value of about $9.4 million.

    Metaplanet stock rose by 9.9% Tuesday after it made the purchase, its third since April 2024, public.

    Last month, the company said it made bitcoin a reserve asset to reduce its exposure to risk arising from Japan's debt burden and the resulting volatility in the yen. In 2023, the government's net debt to gross domestic product ratio was the highest in the G7, about 159%, according to data on Statista. Canada had the lowest ratio, just 15%.

    Metaplanet's bitcoin strategy mirrors that of Tysons Corner, Virginia-based software developer MicroStrategy (MSTR), which has accumulated 214,400 BTC worth $14.3 billion since it started purchasing the asset in 2020 and is the largest corporate owner of the token.

    Edited by Sheldon Reback.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight
    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

    Follow @OKnightCrypto on Twitter