Metaplanet Discloses $1.6M BTC Purchase; Shares Jump 10%
Summary
Japanese investment firm Metaplanet has purchased an additional 250 million yen ($1.6 million) worth of bitcoin (BTC), increasing its total holdings to 141 BTC, valued at approximately $9.4 million. This move caused Metaplanet's stock to rise by 9.9%. The company has made bitcoin a reserve asset to mitigate risks from Japan's high debt burden and yen volatility. This strategy is similar to that of Virginia-based software developer MicroStrategy, the largest corporate owner of bitcoin, with 214,400 BTC worth $14.3 billion.
