Metaplanet Inc. (Tokyo: 3350), a well-established Japanese company in the hotel asset management industry, announced today that it has acquired an additional 108.786 Bitcoins, worth about $6.7 million. The purchase was made at an average price of $61,900 per Bitcoin. This brings Metaplanet’s total Bitcoin holdings to 639.503 Bitcoins, now valued at approximately $40.5 million.
But why are they venturing into the wild world of crypto? The answers may surprise you.
According to Simon Gerovich, the CEO of the 25-year-old company, the company is working with other companies to ensure a seamless Bitcoin strategy in the long haul. For instance, Metaplanet has been working with Hoseki, a startup that enables investors to provide proof of funds.
Metaplanet’s focus on Bitcoin has driven an impressive rise in its stock price this year. Shares have jumped by nearly 500% year-to-date. After the announcement of its latest Bitcoin purchase, the stock surged another 13% in just 24 hours, reaching ¥1,042. This pushed the company’s market valuation to over $107 million, with further gains expected as Bitcoin’s bull run continues.
Bitcoin is increasingly seen as a global digital asset, often compared to gold. In the U.S., Spot Bitcoin ETFs have gathered over $60 billion in assets under management in just a few months, reflecting its growing appeal.
As reported earlier by Coinpedia, MicroStrategy, another major Bitcoin adopter, holds more than 252,220 Bitcoins—over 1% of the total Bitcoin supply.
What’s next for Metaplanet’s Bitcoin strategy? Stay tuned.
As crypto eyes another bull run heading into 2025, investors are on the hunt for…
XRP is taking a breather after a volatile few weeks. Despite a sharp rally followed…
The crypto market continues to gain traction, adding 0.76% to reach a $3.89 trillion market…
Bitcoin is holding steady above $118,000 despite the recent ups and downs in the market.…
Could XRP really reach $1,000? While this may sound far-fetched to many, Jake Claver, director…
The crypto market is starting to go more mainstream, especially after the new GENIUS Act…
