Huge Gains for Corporate Cryptocurrency Holder
Bitcoin has been a major investment for Metaplanet Inc., and that investment has been very lucrative recently for them.
Hotel investment company Metaplanet Inc. has bet big on Bitcoin (BTC) for its future. The company just made its third million-dollar purchase of Bitcoin in a week.
The company now owns $9.6 million in Bitcoin, which comes out to 141.07 bitcoins. Metaplanet’s investment in Bitcoin has paid off for them, with the token gaining 4.77% for the company’s holdings recently.
The three purchases equaling roughly $1 million each were all made within seven days of one another. Metaplanet is staking its future on the token and expecting its investment to be repaid in a big way.
The recent purchases have helped Metaplanet’s stock price, which has grown by 20% today. Metaplanet is listed on the Japanese stock exchange, under the abbreviation 3350. Their stock has been on a steady incline since the end of last month, but it took a sharp upturn today.
Metaplanet used to be focused almost solely on the hotel business, investing in properties and helping provide management services. In the post pandemic era, the company has pivoted to focus more on Bitcoin and building its digital assets as an investment firm.
With double-digit stock increases, it looks like their investment plan is paying off.
Bitcoin’s Outlook
Bitcoin fell quickly on Tuesday amid inflation fears and ahead of key economic data releases. However, the token has started to turn around today.
Bitcoin is now surging and looking bullish, just like the Metaplanet stock. Since yesterday, Bitcoin has gained 4.77% and is now at $69,654 (BTC/USD). It looks like it could climb much higher over the next few days, if it Is not slowed down by today’s economic data from the FOMC and the Consumer Price Index reports.
Metaplanet now sits as the 30th highest ranked Bitcoin holder of any company in the world.
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