Japanese Web3 infrastructure provider Metaplanet announced this week that it will increase its Bitcoin holdings on its balance sheet by 1 billion yen (approximately $6.6 million), which has led to a significant 89.5% surge in its stock price yesterday.
Metaplanet: Addressing Yen Risk
Metaplanet, which was originally a budget hotel chain called Red Planet and listed on the Tokyo Stock Exchange in 2004, has not performed well in terms of revenue in recent years. In order to seek new business opportunities, it has ventured into the metaverse and Web3 fields.
Regarding the inclusion of Bitcoin on its balance sheet, Metaplanet stated:
“日本「負利率時代」終結!17年來首次升息有助比特幣上漲?” (End of Japan’s “Negative Interest Rate Era”! First Interest Rate Hike in 17 Years Helps Boost Bitcoin?)
Metaplanet Stock Price Surges 89%
Surprisingly, driven by this news, Metaplanet’s stock price skyrocketed by 89.47% on Tuesday. It even reached a high of 41 yen during today’s opening, but at the time of writing, it remained at 37 yen, showing a remarkable increase.
MicroStrategy’s Bitcoin Holdings Show a Floating Profit of $7.647 Billion
As we know, MicroStrategy, a Bitcoin whale among US-listed companies, has been continuously investing 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 much as $7.647 billion.
Source: bitcointreasuries
Its stock price has also tripled against BTC in the background of its rise, increasing by over 360% in the past year.
In addition, as a firm believer in Bitcoin, MicroStrategy’s founder, Michael Saylor, has been selling company stocks and buying more Bitcoin, stating multiple times that he may never sell BTC:
“Metaplanet: Will it Become the Next MicroStrategy? Or even drive more companies worldwide to buy Bitcoin, which is worth our continued attention.”
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