Metaplanet Spent Another $3.4 Million on Bitcoin

On August 20, 2024, Japanese investment firm Metaplanet announced the purchase of 57.27 BTC for a total of $3.42 million. The average purchase price is approximately $59,700 per coin.

The statement said the firm acquired the assets using borrowed funds, thereby completing the purchase of 1 billion yen (about $6.8 million) worth of bitcoins. Recall that on August 8, Metaplanet announced that its board of directors had approved a loan of 1 billion yen (about $6.8 million), which it plans to use to purchase the first cryptocurrency.

The last time the firm purchased bitcoins was on August 13, when the firm added 57.10 BTC to its portfolio, which was then valued at more than $3.38 million. The average purchase price was approximately $59,237 per coin.

In total, Metaplanet holds 360.36 BTC on its balance sheet, valued at over $23 million.

Note that, against the backdrop of the news about the acquisition of bitcoins, Metaplanet shares rose by 10.87% in a day.