Metaplanet's Japanese shares soar after announcing a massive plan to purchase 210,000 Bitcoins worth $5.4 billion, putting it on track to become the second largest publicly traded company holding Bitcoin in the world.
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Shares of Japanese investment company Metaplanet jumped at the market opening after announcing a plan to raise $5.4 billion to purchase Bitcoin.
Metaplanet's stock (symbol: 3350T) rose by more than 12% during the trading session on June 9, trading at 1,505 yen ($10.42), according to Google Finance data. The stock peaked during the session at 1,641 yen ($11.36), an increase of 22%.
In a statement released on June 6 regarding the stock purchase rights program, the company updated its plan for acquiring Bitcoin
BTC
$106,978
, raising its target from 21,000 Bitcoins to 210,000 Bitcoins by the end of 2027.
Metaplanet's stock has risen by 24% over the past five days, following its announcement of plans to purchase larger amounts of Bitcoin. Source: Google Finance
If successful in implementing this plan, Metaplanet will become the second largest publicly traded company in terms of Bitcoin holdings, after "Strategy" owned by Michael Saylor, according to Bitbo data.
Metaplanet Plan "555 Million"
Metaplanet currently holds 8,888 Bitcoins, following its recent announcement of purchasing 1,088 Bitcoins on June 2.
Under its new plan called "555 Million," the company aims to purchase an additional 201,112 Bitcoins by 2027, at a cost exceeding $21 billion. It revealed its intention to hold 100,000 Bitcoins by 2026.