Metaplanet Shares Surge 10% After $1.59M Bitcoin Purchase on Mon 10 Jun

Jun 11, 2024, 08:18 AM

Japanese investment firm Metaplanet, also known as 'Asia’s MicroStrategy', has purchased an additional 23.35 Bitcoin, valued at approximately $1.59 million. This marks the company's third Bitcoin acquisition in two months. Following the announcement on Mon 10 Jun, shares of Metaplanet_JP surged by 10%. The purchase comes amid a period of volatility for Bitcoin, which has seen its price drop to $68,000, wiping out $1.3 billion of open interest. The recent decline in Bitcoin's price has triggered concerns of further declines, potentially to $60,000, due to thin bid liquidity.