Japanese Web3 infrastructure provider Metaplanet announced this week that it will increase its bitcoin holdings on the balance sheet by 1 billion yen (approximately $6.6 million), which motivated its stock to soar by 89.5% yesterday.
(Background:
MicroStrategy buys a lot of bitcoin? Coinbase issues $1.1 billion convertible bonds, and its stock price has skyrocketed by 60% this year.
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(Background:
Buy, buy, buy! MicroStrategy raises another $500 million to buy more bitcoin (BTC).
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Table of Contents:
Metaplanet: Dealing with yen risk
Metaplanet stock price surges 89% on Tuesday
MicroStrategy’s bitcoin holdings have a floating profit of $7.647 billion
Japanese Web3 infrastructure provider Metaplanet announced on Monday (8th) on the social platform X that it plans to increase its bitcoin holdings on the balance sheet by 1 billion yen (approximately $6.6 million) in cooperation with Sora Ventures and Mark Yusko.
Metaplanet: Dealing with yen risk
According to CoinDesk’s report, Metaplanet was originally an economy hotel called Red Planet and was listed on the Tokyo Stock Exchange in 2004. However, its revenue has not performed well in recent years, so it has entered the metaverse and Web3 fields to seek new business momentum.
Regarding the inclusion of bitcoin on the balance sheet this time, Metaplanet stated:
Further reading:
Will the end of Japan’s “negative interest rate era” and the first interest rate hike in 17 years help boost bitcoin?
Metaplanet stock price surges 89%
Surprisingly, inspired by this news, Metaplanet’s stock price soared by 89.47% on Tuesday. After opening today, it even rose to 41 yen at one point. At the time of writing, it remains at 37 yen, with an astonishing increase.
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MicroStrategy’s bitcoin holdings have a floating profit of $7.647 billion
We know that MicroStrategy, a bitcoin whale among US-listed companies, has announced its continuous investment in bitcoin since 2020. As of the time of writing, MicroStrategy’s bitcoin holdings have reached 214,246 coins, with a total value of approximately $15.171 billion and a floating profit of as high as $7.647 billion.
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Source: bitcointreasuries
Its stock price has also tripled against BTC, rising more than 360% in the past year.
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In addition, as a firm believer in bitcoin, MicroStrategy’s founder Michael Saylor has been selling company stocks to buy more bitcoin and has repeatedly stated that he may never sell BTC:
Will Metaplanet become the second MicroStrategy? Or even drive more companies around the world to buy bitcoin? This is worth our continuous attention.
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