CandleFocus Metaplanet Stock Soars 6% Following Another Bitcoin (BTC) Acquisition
2024-09-10
Author: Content Editor
Japanese investment firm Metaplanet Inc. has announced the purchase of an additional 38.464 BTC, worth around $2 million. This brings their total Bitcoin reserves to 398.832 BTC, valued at approximately $26 million. The company has been steadily increasing its Bitcoin holdings as a strategic treasury reserve asset to hedge against economic pressures in Japan. This move has been compared to the strategy of software company MicroStrategy, which is the largest corporate Bitcoin holder. Metaplanet funded its Bitcoin purchases through bond sales and recently partnered with SBI VC Trade for trading and custody services. They also revealed plans to use additional funds to purchase more Bitcoin. The company's stock rose 5.87% following the announcement.
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