As Yen Plunges, Japanese Company Buys Millions in Bitcoin

As Yen Plunges, Japanese Company Buys Millions in Bitcoin

a Metaplaneta Japanese company that adopted a strategy similar to that of Microstrategy, announced this monday (1st) the purchasing over 200 million yen in BitcoinIn case of direct conversion, the amount is equal to R$ 7 million.

The purchase comes as the yen continues to depreciate against other currencies. Against the dollar, the Japanese currency has lost 12.6% of its value in 2024 alonewhich only has an edge over some developing country currencies, such as the Argentine peso and the Brazilian real.

Since the traditional market views these purchases positively, resulting in increases in the shares of companies with such a strategy, it is possible that others will be inspired and buy Bitcoin as well.

Metaplanet Announces Purchase of More Bitcoins

The size of Metaplanet is much smaller than Microstrategy’s. In any case, the company is committed to following the ‘Bitcoin Strategy‘ made famous by Michael Saylor’s company.

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you 200 million yen were enough to buy about 20.2 bitcoins on this Monday. In total, Metaplanet already owns 161.2 bitcoins, worth R$57 million. For comparison, Microstrategy has 226,331 bitcoins (R$80.3 billion).

“As disclosed in our statement dated June 24, 2024, regarding the purchase of Bitcoin worth 1 billion yen, we announce that we have started the purchase with 200 million yen in Bitcoin”wrote Metaplanet.

According to Bitcoin Treasuries data Today Metaplanet is the 30th listed company with the largest number of bitcoins in cash. Several Americans appear in front of you, but also Canadians, Germans and even the Argentinian Mercado Livre.

Another fact that draws attention is the value of bitcoins relative to the market value of the company, up to 10% after the new acquisition.

Featured, Japanese company that recently started 'Bitcoin Strategy'.  Source: Bitcoin Treasuries.Featured, Japanese company that recently started 'Bitcoin Strategy'.  Source: Bitcoin Treasuries.
Featured, Japanese Company That Recently Started ‘Bitcoin Strategy’. Source: Bitcoin Treasuries.

Metaplanet shares soared after Bitcoin purchases

Although the shares of the Japanese Metaplanet are active in high only 1% This Monday their stock has been rising since they copied Microstrategy’s financial strategy.

Compared to the beginning of the year, the appreciation is high 488%which the profits from Bitcoin in the same period 43%.

Shares of the Japanese Metaplanet rose sharply after the announcement of the 'Bitcoin strategy'.  Source: Yahoo Finance.Shares of Japan's Metaplanet soared after the announcement of its
Shares of the Japanese Metaplanet rose sharply after the announcement of the ‘Bitcoin strategy’. Source: Yahoo Finance.

These increases may encourage more companies to pool some of their cash with BTC. Recent rumors Point out that Dell is another giant willing to buy the cryptocurrencythis is because the founder started speaking openly about the subject.

Source: Live Coins

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