Metaplanet Bitcoin Investment Increases by 108 Amid Price Uptick

Metaplanet, a publicly traded Japanese company, has gone long on Bitcoin by acquiring 108 BTC during the start time of the Asian session when an increase in the asset’s price was noticed.

The company continues to strengthen its position as one of the Japanese crypto-market leaders. However, this recent move explains the firm’s collaboration with other companies to ensure seamless acquisition and its investment plan to purchase BTC against the unstable and weakening Yen.

Metaplanet Extends Bitcoin Holdings Beyond Threshold

Metaplanet’s Bitcoin plans follow the American largest corporate Bitcoin holder, Microstrategy. Both companies see the digital asset as a store of value and a hedge against currency devaluation.

According to the company’s Metaplanet’s post on X (formerly Twitter), it was announced that the firm spent 1 billion yen (approximately $6.7 million) to obtain 108.78 BTC at 9.19 million yen ($61,877) per coin. This follows a recent purchase made on October 3 at a slightly lower average price of 8.95 million yen ($60.249).

In total, the company now possesses 639.503 BTC valued at 5.97 billion yen ($40.14 million) while sitting in the second position behind Japan’s largest Bitcoin holder, NEXON Co. Ltd.

Bullish Approach and Stock Price Increase

Metaplanet’s stock price (TYO: 3350) has gone up significantly since the adoption of the Microstrategy Bitcoin investment plan. The recent purchase news made the stock’s price increase 11%, reaching 1,045 yen before settling at 1,006 yen. Furthermore, the company’s valuation has rose to 36.95 billion yen ($248.87 million).

At present, the price of BTC is trading at $63,365, reflecting a 2.28% increase in the last 24 hours on coinmarketcap. Finally, the firm expects more growth as the Bitcoin investment strategy continues.

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