Metaplanet's Japanese shares jump after announcing a massive plan to buy 210,000 Bitcoins worth $5.4 billion, putting it on track to become the world's second-largest listed Bitcoin holder.
Shares of Japanese investment firm Metaplanet jumped at market open after announcing a plan to raise $5.4 billion to purchase Bitcoin.
Metaplanet stock (ticker: 3350T) saw a more than 12% surge in the trading session on June 9, trading at 1,505 yen ($10.42), according to Google Finance data. The stock peaked at 1,641 yen ($11.36) during the session, a 22% increase.
In a statement published on June 6 regarding the stock purchase rights program, the company updated its plan to acquire Bitcoin.
Raising its target from 21,000 bitcoins to 210,000 bitcoins by the end of 2027.
Metaplanet's stock has risen 24% over the past five days after announcing its intention to purchase more Bitcoin. Source: Google Finance
If this plan is successful, Metaplanet will become the second-largest listed company in terms of Bitcoin holdings, after Strategy, owned by Michael Saylor, according to Bitbo data.
Metaplanet's "555 Million" Plan
Metaplanet currently holds 8,888 BTC, following its recent announcement of a purchase of 1,088 BTC on June 2.
Under its new "555 Million" plan, the company aims to purchase an additional 201,112 bitcoins by 2027, at a cost exceeding $21 billion. It has also revealed its intention to hold 100,000 bitcoins by 2026.
