Metaplanet: 10 percent price gain from Bitcoin purchase

More and more companies are buying Bitcoin as reserves. As in the case of Metaplanet, this can boost the share price.

Metaplanet, listed on the Tokyo Stock Exchange, announced the purchase of 23,351 Bitcoin worth the equivalent of US$1.58 million.

The company now holds a total of 141.0727 BTC.

Following the announcement, the company's share price rose 9.88 percent.

Like MicroStrategy, Metaplanet follows a special Bitcoin strategy.

The company's website states, "With the realignment of the company's strategy to Bitcoin, Metaplanet will use Bitcoin as reserve assets and invest excess cash flow in further Bitcoin accumulations." This strategic realignment is the result of Bitcoin's unique characteristics, such as its absolute scarcity and non-political monetary policy."

According to Metaplanet does it have an average purchase price of $65,391 per Bitcoin.

At 141 BTC, however, the company is not one of the big players in the Bitcoin market. According to bitcointreasuries.net, companies such as MicroStrategy (214,400 BTC) and Marathon Digital (17,631) hold significantly more BTC than the Japanese company.