Bitcoin-stacking investment firm Metaplanet has purchased another 21.88 Bitcoin — worth over $1.2 million (200 million Japanese Yen) — amid the recent Bitcoin rally, driving prices close to $65,000.

According to its latest July 16 purchase statement , the Japan-based firm’s Bitcoin holdings now total 225.6 Bitcoin, valued at $14.6 million.

Metaplanet buys another $1.2M of Bitcoin amid rebound toward $65K image 0 Source: Metaplanet

The recent purchase, combined with Bitcoin’s 4.4% price rise over the last 24 hours, has fueled a surge in Metaplanet share prices — up 25.8% to $0.74 (117 Japanese yen) in the opening two and a half hours on the Tokyo Stock Exchange on July 16, Google Finance data shows.

Metaplanet buys another $1.2M of Bitcoin amid rebound toward $65K image 1 Metaplanet’s change in share price in the opening hours of July 16 Source: Google Finance

Metaplanet took advantage of Bitcoin’s price dip earlier this month, snapping up another 42.46 Bitcoin on July 7 for $2.5 million (400 million Japanese yen).

The firm’s stock price has now soared nearly six-fold since it unveiled its Bitcoin investment strategy on April 9, 2024.

However, Metaplanet is only up 2.8% on its Bitcoin holdings, given its average Bitcoin purchase price of $62,890.

Related: Bitcoin or bust: Companies add BTC to treasury for long-term potential

Metaplanet is currently the world’s 21st-largest corporate holder of Bitcoin, according to CoinGecko.

Metaplanet buys another $1.2M of Bitcoin amid rebound toward $65K image 2 Largest corporate Bitcoin holders in the world. Metaplanet remains in 21st position despite CoinGecko having not updated its latest Bitcoin purchase. Source: CoinGecko.

Metaplanet has been dubbed “Asia’s MicroStrategy” because it follows a similar playbook to Michael Saylor’s MicroStrategy in 2020.

Similar to MicroStrategy — the largest corporate Bitcoin shareholder — Metaplanet iterated on May 13 that it’ll adopt an “entire range of capital market instruments” to bolster its Bitcoin reserves .

Metaplanet adopted the strategy to hedge against Japan’s worsening debt burden and the fast-depreciating Japanese yen.

The Japanese yen has fallen nearly 54% against the United States dollar since January 2021, while Bitcoin is up over 145% against the yen over the last 12 months.

Bitcoin is currently trading at $64,640 — marking a 13.6% increase over the last week.

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