Shares of Japanese investment company Metaplanet stressed the inauguration of the market after the announcement of its plan to raise $ 5.4 billion to buy bitcoins last week.
Stock (3350T) of Metaplanet shot more than 12% in the June 9 trading session, traded at 1,505 yen ($ 10.42), According For Google Finance. However, at its peak of the trading session, Metaplanet’s stock reached a high level of 1,641 yen ($ 11.36), which represents an increase of 22%.
Metaplanet updated its Bitcoin (BTC) acquisition schemes to acquire 210,000 BTC by the end of 2027 in the announcement of the Stock Acquisition Rights Program on 6 June, extending its previous target of 21,000 BTC.
When successful, the acquisition will make Michael Sayler’s company, behind the strategy, to make the second largest holder of bitcoin the second largest holder among the public companies, According For Bito data.
Metaplanet’s “555 million” scheme
Metaplanet has done 8,888 bitcoins after the announcement of its latest 1,088 BTC acquisition on 2 June.
As part of its new 555 million plan, the firm will need to purchase 201,112 by 2027 at a cost of more than $ 21 billion. By 2026, Metaplanet has identified a plan to place 100,000 bitcoins.
Earlier, under its 21 million plans, Metaplanet will conduct 21,000 bitcoins by the end of 2026, with no concrete plans for more purchases.
Metaplanet announced for the first time that he bought bitcoins on July 22, 2024, and its shares rose 19% to 173 yen ($ 1.10). In the year since its first purchase, the stock costs more than 1,744%.
Leads the strategy
Increasing number of companies have decided to add bitcoins to their balance sheet, the Wave Media of South Korean Entertainment Company has become one of the latest on June 4.
Corporate bitcoin tragedy collectively is more than three million in bitcoin, priced at $ 342 billion, According For Bito data, currently over 19 million in circulation.
The tendency of the bitcoin reserve strategy has now placed 61 publicly listed firms to a joint 3.2% of all bitcoins, which will be present anytime, a report of June 3 from Standard Chartered.
Mixed results for stock after purchasing bitcoin
Other companies have also seen an increase in their stock prices after the announcement of plans to purchase bitcoins. The Paris -based Crypto Company Blockchain Group began buying bitcoins on 5 November, and its stock from 225% to 0.48 euros ($ 0.52).
Meanwhile, the shares at the Indonesian Fintech firm Digiasia Corp almost doubled, increased by 91%, the company said it plans to raise $ 100 million for its first seed to buy several bitcoins.
Connected: Meta will not buy bitcoin because shareholders returned Treasury Idea
However, not all have experienced spikes. The Norwegian Crypto brokerage firm K33 announced on May 28 with the intention of purchasing and catching Cryptocurrency, but its share price fell by 1.96%.
The video game retailer gamestop shares jumped around 12% on March 26, after the company announced a plan to buy bitcoins. However, it fell 11% on May 11, when the retailer made the first purchase of 4,710 bitcoins.
magazine: Rise of Microsterity Clone, Asia Crypto adoption dominates: Asia Express 2024 review
