Japan’s Metaplanet has become a leader in the growth of stock returns in the local market after starting investing in BTC
Since April 8, the company’s shares have risen by 389% on the Tokyo Stock Exchange
23.05.2024 - 13:30
171
3 min
0
What’s new? Japanese investment company Metaplanet has been showing the fastest growth rate of stock value in the local market after implementing a crypto investment strategy. On April 8, for example, the company announced that it started buying bitcoins and has since accumulated 117,7 coins on its balance sheet worth $8,2 million at the current exchange rate.
What else is known? As a result, Metaplanet’s shares listed on the Tokyo Stock Exchange (TSE) have risen 389% since the announcement. The weekly increase was 158%, and on May 21-22, the securities rose 127% to 93 JPY.
Due to the sharp price increase, the TSE suspended trading at least twice in the last week. According to TSE rules, stocks available on the exchange with a price below 100 JPY can rise by a maximum of 30 JPY each day. Metaplanet violated this rule on two consecutive days.
Metaplanet said in a May 13 statement that the company aims to strategically strengthen its bitcoin reserves as the local currency weakens. Japan has a debt-to-GDP ratio of 261%, which Metaplanet notes is the worst result among developed countries.
The Japanese yen has fallen by more than 34% against the US dollar since the beginning of 2021, while bitcoin has risen by almost 190% against the JPY over the past 12 months, the company notes.
Japanese crypto exchange Coincheck has filed with the SEC to go public on Nasdaq
If the authorization is granted, the listing will take place in Q2-Q3
By the time of writing, the company’s shares had fallen by 15,56% per day, to 76 JPY.
Earlier, the founder and former head of the crypto exchange BitMEX Arthur Hayes reiterated the possibility of BTC growth to $1 million. In his opinion, this will happen as a result of an influx of funds into the asset amid the weakening of fiat currencies. He called for monitoring the USD/JPY exchange rate as the most important macroeconomic variable. The businessman expects an acceleration of the decline of the Japanese yen in the fall of this year.
Useful material?
Telegram 
Twitter Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$98 403
BTC
+5.2%
-
Ethereum
$3 379.33
ETH
+11.11%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.22
XRP
+12.61%
-
Dogecoin
$0.386187
DOGE
+4.02%
-
Cardano
$0.805411
ADA
+1.6%
-
Bitcoin Cash
$484.54
BCH
+11.09%
-
Polkadot
$5.88
DOT
+4.49%
-
Stellar XLM
$0.256673
XLM
+3.85%
-
Litecoin
$89.71
LTC
+7.6%