Bitcoin investments helped MetaPlanet's stock soar 900%, but what's next?
Machine translation of the news column
Gladys Makena July 22, 2024
Metaplanet increased more than 900% YTD as the BTC strategy paid off.
Metaplanet has accumulated BTC over the past 2 months, totaling 225.611 BTC.
Throughout the year, major companies have looked to BTC to boost stocks. Metaplanet, a Japanese company, is at the forefront of this movement and is driving institutional interest in Bitcoin [BTC].
Metaplanet's strategy pays off
Over the past 2 months, Metaplanet has been buying up BTC and increasing its total holdings through accumulation. On 2024/5/28, the company announced the purchase of BTC worth 1.6 million dollars.
Earlier this month, the company purchased 1 J9.87 BTC worth 1.7 million dollars. In June, Metaplanet announced another purchase of 23.25 BTC worth $1.59 million, for a total of 0.1 billion 41.07 million dollars.
So far in July, the company has continued to accumulate with its latest purchase of 21.877 BTC, and based on prevailing market rates, total holdings have increased to 14.8 million dollars worth of 245.611 BTC.
The stock price has risen exponentially due to Metaplanet's strategic BTC accumulation over the past few months.
The recent buying spree has paid off, and Metaplanet has become one of the major institutional players on the global stage. Metaplanet was the second-largest corporate BTC holder at press time, according to CoinGecko.
Stock prices are rising exponentially due to the continued accumulation of BTC. At the time of writing this article, Metaplanet's stock price had surged 19.31% in the past 24 hours.
According to Google Finance, its stock price surged 51.75% in the past 5 days and surged 82% in the past month. Due to recent surges, it has surpassed 900% this year.
Thus, the continued surge in stocks suggests that initiatives using BTC as a strategic reserve asset are paying off tenfold.
Bitcoin as an alternative to Japan?
The Japanese economy is suffering more than any other developed and G7 economies.
Therefore, Metaplanet's strategy includes measures to avoid and manage risks associated with underperforming economies.
Currently, Japan has a high national debt of 261% of the country's GDP, which has an impact on the currency. The Japanese yen has depreciated against the dollar and was exchanged from 1 dollar to 156.70 yen at press time.
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