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Japanese investment firm Metaplanet revealed a significant investment in Bitcoin, purchasing an additional 135 units of the digital currency for 1.9 billion yen ($12.9 million). Despite this move, the company’s shares declined by 1.3% during the lunch break on the Tokyo Stock Exchange.
According to The Block, the acquisition, executed at an average price of approximately 14.3 million yen ($95,951) per Bitcoin, increased Metaplanet’s total Bitcoin holdings to 2,235 BTC. This marks a substantial increase from the 1,761 BTC it held at the end of the previous year and the 141 BTC at the end of June 2024.
Metaplanet has been actively pursuing its Bitcoin accumulation strategy, which was first announced in April. The firm has since made the Bitcoin treasury operations a central component of its business, officially designating it as a core business line in December.
The strategy outlines ambitious targets, with the firm aiming to bolster its Bitcoin reserves to 10,000 BTC by the end of 2025 and further expanding to 21,000 BTC by the end of 2026.
Despite the recent purchase and the company’s aggressive accumulation strategy, Metaplanet’s stock experienced a downturn during Tuesday’s trading session.
However, the company’s stock performance has been notable over a longer period, with a 67.5% increase since the start of the year and a 233.7% surge over the past year, as reported by Google (NASDAQ:GOOGL) Finance. Trading continued into the afternoon session following the lunch break.
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