- Metaplanet has bought additional Bitcoins.
- The development came after the companyโs management exercised stock acquisition rights to raise millions.
- The acquisition coincided with Bitcoinโs price rally.
Japanese investment and consulting firm Metaplanet announced Tuesday the acquisition of additional Bitcoins worth millions of dollars.
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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.
Metaplanetโs 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 Metaplanetโs 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).
Metaplanetโs latest acquisition coincided with Bitcoinโs price rally following a weekend of market downturn. BitMEX co-founder Arthur Hayes earned a 3% profit from his short position in BTC.
The worldโs 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 Metaplanetโs 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 Metaplanetโs partnership with Rippleโs banking partner, SBI:
Metaplanet Taps Rippleโs Partner SBI to Bolster Its Bitcoin Strategy
Learn about Rippleโs XRP and Stellarโs XLM link:
Rippleโs XRP and Stellarโs XLM Link: Why Do They Move in Sync?
