Bitcoin

Sora

April

Japanese investment and consulting firm Metaplanet announced that it purchased an additional 20.38 in Bitcoin worth about $1.2 million (200 million yen) to complete its 1 billion yen purchase plans revealed in June.&nbsp;
On June 24, the company said it <a href="https://cointelegraph.com/news/metaplanet-billion-yen-bond-sale-buy-bitcoin" rel="noopener noreferrer nofollow">would issue 1 billion yen</a> (about $6.26 million) worth of bonds to raise money to buy Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>). The consulting firm said its basic policy is to “hold Bitcoin for the long term.”
<h2 id="metaplanet-buys-another-1-2-million-worth-of-bitcoin">Metaplanet buys another $1.2 million worth of Bitcoin</h2>
After several purchases, the firm finally completed its plan to buy $6.26 million in BTC. On July 22, the company <a href="https://contents.xj-storage.jp/xcontents/33500/7806eef2/8074/4020/b661/27448cbe2749/140120240719551721.pdf" target="_blank" rel="noopener noreferrer nofollow">announced</a> that it had bought 20.38 BTC at an average price of 9,813,061 ($62,574) yen per Bitcoin. Overall, the firm spent about $1.2 million on the latest purchase.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/1fff178f-8204-4665-8a03-ed65f4f4db74.jpg" alt="Metaplanet completes Bitcoin buying goal with another $1.2M purchase">
 <figcaption style="text-align: center;">Metaplanet announces another Bitcoin purchase. Source: <a href="https://contents.xj-storage.jp/xcontents/33500/7806eef2/8074/4020/b661/27448cbe2749/140120240719551721.pdf" target="_blank" rel="noopener noreferrer nofollow">Metaplanet</a>
 </figcaption>
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Because of the company's 1 billion yen Bitcoin purchase plan, it was able to purchase 104.91 BTC, paying an average price of 9,531,162 (about $60,700) yen per Bitcoin. This puts the company’s total Bitcoin holdings at 245.99 BTC, worth $16.5 million at current market prices.
The company’s recent purchase and Bitcoin’s surge seem to have influenced Metaplanet’s stock prices. Google Finance data <a href="https://www.google.com/finance/quote/3350:TYO" target="_blank" rel="noopener noreferrer nofollow">shows</a> that hours after the announcement, shares went up by 19.31% to 173 yen ($1.10).
Related: <a href="https://cointelegraph.com/news/microstrategy-10-for-1-stock-split" rel="noopener noreferrer nofollow">MicroStrategy plans 10-for-1 stock split to boost accessibility</a>
<h2 id="metaplanet-stock-soared-810-since-its-first-btc-purchase">Metaplanet stock soared 810% since its first BTC purchase</h2>
On April 8, Metaplanet first announced that it would be <a href="https://cointelegraph.com/news/japanese-investment-firm-boost-stock-adopt-bitcoi" rel="noopener noreferrer nofollow">embracing Bitcoin as a core treasury asset</a>. The company said it was initially committing $6.5 million to buy BTC. The firm described the move as a milestone in its goal to position itself as a “pioneer in the adoption of digital assets in Japan.”
Since its first investment in Bitcoin, Metaplanet’s share price has increased from about $0.12 to $1.10. This represents an 810% increase since its first announcement on April 8.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/480dd1a3-ed8a-4cf0-a04b-e5525e57c7ba.jpg" alt="Metaplanet completes Bitcoin buying goal with another $1.2M purchase">
 <figcaption style="text-align: center;">Metaplanet's stock prices since its first Bitcoin purchase. Source: Google Finance
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The firm has been <a href="https://x.com/JasonSoraVC/status/1777300574939058202" target="_blank" rel="noopener noreferrer nofollow">compared</a> to business intelligence company MicroStrategy for its similar move in adopting Bitcoin for long-term holding.&nbsp;Jason Fang, founder of Sora Ventures, dubbed Metaplanet as "Asia's first MicroStrategy," saying that the company enables the Japanese market to gain exposure to Bitcoin.
Magazine: <a href="https://cointelegraph.com/magazine/saudi-arabia-riyadh-crypto-city-guide/" rel="noopener noreferrer nofollow">Saudi Arabia’s Riyadh may be crypto’s sleeping giant: Crypto City Guide</a>

Metaplanet completes Bitcoin buying goal with another $1.2M purchase

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Cointelegraph

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