Japanese investment firm Metaplanet saw its stock price jump by 14% after making a large Bitcoin purchase. Yahoo Finance reported that the company bought ¥1 billion ($6.8 million) worth of Bitcoin, which helped raise its stock value.
On August 20, Metaplanet’s CEO, Simon Gerovich, announced the company had bought 57.273 BTC for ¥500 million ($3.4 million). With this new purchase, the company’s total Bitcoin holdings grew to 360.368 BTC. The purchase was part of Metaplanet’s plan to use a ¥1 billion loan from MMXX Ventures to buy more Bitcoin.
Gerovich confirmed the deal, referring to an earlier announcement from August 8, 2024. He explained that the company had successfully used the loan to buy the full ¥1 billion worth of Bitcoin.
Metaplanet, which used to focus on hotel development, is now expanding into Bitcoin investments, real estate, and venture projects. Trading on the Tokyo Stock Exchange under the symbol 3350, the company’s stock has risen after it began using Bitcoin to help with Japan’s economic challenges.
Gerovich shared that Metaplanet was once struggling and seen as a “zombie company.” But Bitcoin brought new life to the company. He called Bitcoin the “ultimate monetary tool” and said it is now a key part of their financial plan. This bold investment move has boosted investor confidence and could influence other companies facing similar struggles.
