Metaplanet Reinforces Bitcoin Commitment with Fresh $2M Acquisition

• Metaplanet has bought additional Bitcoins.
• The development came after the company’s management exercised stock acquisition rights to raise millions.
• The acquisition coincided with Bitcoin’s price rally.

Japanese investment and consulting firm Metaplanet announced Tuesday the acquisition of additional Bitcoins worth millions of dollars.

The development follows various initiatives by the company to bolster its Bitcoin accumulation strategy, including a Monday announcement that its management would exercise the 11th series of stock acquisition rights to raise 299,700,000 yen ($2.08M). Metaplanet said the funds would be used to purchase BTC.

Metaplanet’s Latest Bitcoin Purchase

According to a notice issued on September 10, Metaplanet has acquired additional Bitcoins worth 300 million yen ($2.09M). The 38.464 Bitcoins were purchased at an average price of 7,799,501 yen ($54,423) per BTC.

The purchase brought Metaplanet’s total Bitcoin holdings to 398.832 BTC, bought at an average price of 9,402,463 yen ($65,616) per Bitcoin, or an aggregate amount of 3.75 billion yen ($26.17M).

Metaplanet’s latest acquisition coincided with Bitcoin’s price rally following a weekend of market downturn. BitMEX co-founder Arthur Hayes earned a 3% profit from his short position in BTC.

The world’s largest crypto asset by market cap rose 3.12% on Tuesday to trade at $57,052 at the time of writing after sinking to a low of about $52,000 earlier this week. Other cryptos that surged alongside BTC included BNB, SOL, and DOGE, which gained 2.37%, 3.48%, and 5.68% over the last 24 hours.

Meanwhile, Yahoo Finance data shows that Metaplanet’s stock gained 4.42% on September 10 following the BTC acquisition, trading at 1,086 yen after reaching a high of around 2,000 yen earlier in Japan.

Read about Metaplanet’s partnership with Ripple’s banking partner, SBI:
Metaplanet Taps Ripple’s Partner SBI to Bolster Its Bitcoin Strategy

Learn about Ripple’s XRP and Stellar’s XLM link:
Ripple’s XRP and Stellar’s XLM Link: Why Do They Move in Sync?