Key Takeaways:

Metaplanet’s share price surged 22% on the Tokyo Stock Exchange after announcing a $1.2 million Bitcoin purchase.
The company now holds 225.6 BTC, valued at $14.6 million, after acquiring 21.88 BTC.
Metaplanet’s Bitcoin investment strategy has driven its stock to increase nearly six-fold since April 2024.

On July 16, Metaplanet’s share price surged 22% on the Tokyo Stock Exchange after announcing a $1.2 million Bitcoin purchase.

The company acquired 21.88 BTC, bringing its total holdings to 225.6 BTC, valued at $14.6 million.

*Metaplanet purchases additional 21.88 $BTC* pic.twitter.com/zCXzKFudog
— Metaplanet Inc. (@Metaplanet_JP) July 16, 2024

This purchase, along with Bitcoin’s 4.4% price rise in the last 24 hours, drove Metaplanet’s share price up 25.8% to 117 yen ($0.74) within two and a half hours of trading.

Earlier this month, Metaplanet bought 42.46 BTC for $2.5 million during a price dip.

JUST IN: 🇯🇵 Japanese public company Metaplanet buys another ¥200 million worth of #Bitcoin pic.twitter.com/8HKSgFnxHu
— Bitcoin Magazine (@BitcoinMagazine) July 16, 2024

Since starting its Bitcoin investment strategy on April 9, 2024, Metaplanet’s stock has surged nearly six-fold, despite only a 2.8% gain on its Bitcoin holdings due to an average purchase price of $62,890 per BTC.

Now the 21st-largest corporate holder of Bitcoin, Metaplanet follows a strategy similar to MicroStrategy’s, aiming to hedge against Japan’s debt and the depreciating yen, which has fallen 54% against the USD since January 2021.