Throughout the year, major companies have been turning to BTC to boost their stock. Metaplanet, a Japanese firm, has been at the forefront of this movement, driving institutional interests inOver the past two months, Metaplanet has been on a BTC buying spree, increasing their total holdings through accumulation. On the 28th of May 2024, the company announced the purchase of BTC worth $1.6 million.
In July so far, the company has continued with the accumulation with the latest purchase of 21.877 BTC, driving the total holding to 245.611 BTC worth $14.8 million, based on prevailing market rates.The recent buying spree is paying off, with Metaplanet becoming one of the key institutional players on the global stage. According toThe continued accumulation of BTC has seen its shares rise exponentially. As of this writing, Metaplanet’s shares have surged by 19.31% over the past 24 hrs.
Therefore, the continued surge in shares suggested their initiative to use BTC as a strategic treasury reserve asset is paying off tenfold.The Japanese economy has been suffering more than any other economy among developed and G-7 countries. Currently, Japan has a high national debt of 261% of the country’s GDP, which has affected the currency. The Japanese Yen has been depreciating against the dollar, exchanging from $1 to 156.70 yen at press time.