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Metaplanet Invests in Bitcoin Again

Following MicroStrategy, the Japanese company Metaplanet buys Bitcoin again for 1 billion JPY, or $6.9 million.

By Mike Hesp
• 2 min read
Metaplanet Invests in Bitcoin Again

Following MicroStrategy, the Tokyo-based Metaplanet has again purchased Bitcoin for 1 billion Japanese yen, roughly $6.9 million. The average price paid for the 107.9 BTC was $64,060.

The investor from Tokyo posted in a new press release that this purchase increases its total Bitcoin holdings to 506.7 BTC, worth about 4.75 billion Japanese yen or $32.8 million.

Meanwhile, the cryptocurrency is trading at $61,310, down 4.09 percent in the last 24 hours. The backdrop is the recent escalation of the conflict in the Middle East, which appears to have unsettled many investors.

Metaplanet's stock did not react as positively as in the past following the BTC purchase announcement. Since the beginning of the year, the company’s stock price in Japanese yen has surged about 487 percent. Even MicroStrategy cannot keep up. As of today, Michael Saylor's company must settle for a roughly 158 percent increase in USD terms.

For comparison: according to TradingView, Bitcoin's price since the start of the year is up only 38.3 percent in USD or 42.5 percent in JPY. The shares of both companies thus act as a kind of leveraged Bitcoin ETF.

In terms of ownership, the two companies’ shares effectively provide exposure to Bitcoin as a leverage vehicle.

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