Metaplanet shares jump after $5.4B plan to buy Bitcoin

Metaplanet hopes to buy 210,000 Bitcoin by the end of 2027, which would make it the second-largest holder of Bitcoin among public companies.

Japanese investment company Metaplanet’s shares spiked on market opening after announcing its plan to raise $5.4 billion to buy Bitcoin last week. 

Metaplanet’s stock (3350T) shot up over 12% in the June 9 trading session, trading at 1,505 yen ($10.42), according to Google Finance. However, at its peak of the trading session so far, Metaplanet’s stock reached highs of 1,641 yen ($11.36), representing a 22% increase.

Metaplanet updated its Bitcoin (BTC) acquisition plans to acquire 210,000 BTC by the end of 2027 in a June 6 stock acquisition rights program announcement, increasing its previous target of 21,000 BTC.

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