In the midst of a recent Bitcoin rally, Bitcoin-stacking investment firm Metaplanet has expanded its holdings by purchasing an additional 21.88 Bitcoin, valued at over $1.2 million (200 million Japanese Yen). This acquisition has propelled Bitcoin prices close to the $65,000 mark report says.
According to Metaplanet’s latest purchase statement on July 16, the firm’s total Bitcoin holdings now stand at 225.6 Bitcoin, valued at approximately $14.6 million. The recent purchase, coupled with Bitcoin’s 4.4% price increase over the past 24 hours, has significantly boosted Metaplanet’s share prices. Shares surged 25.8% to $0.74 (117 Japanese yen) within the first two and a half hours of trading on the Tokyo Stock Exchange on July 16, according to Google Finance data.
Earlier this month, Metaplanet capitalized on a Bitcoin price dip, acquiring an additional 42.46 Bitcoin on July 7 for $2.5 million (400 million Japanese yen). Since unveiling its Bitcoin investment strategy on April 9, 2024, the firm’s stock price has soared nearly six-fold.
Despite these gains, Metaplanet is currently up only 2.8% on its Bitcoin holdings, given its average purchase price of $62,890 per Bitcoin.
