Bitcoin buyer Metaplanet sees market value top ¥1 trillion amid crypto rally
Japan’s hotelier-turned-Bitcoin-buyer Metaplanet has overtaken memory chipmaker Kioxia Holdings in terms of market capitalization, after the stock soared nearly 400% in less than two months riding a global crypto rally.
Metaplanet’s market value surpassed ¥1 trillion ($6.9 billion) for the first time on Monday, extending gains that also took it past chipmaker Screen Holdings and Tokyo Metro, operator of one of the world’s biggest subway systems.
The stock rocketed 26% Monday as it announced its purchase of ¥16.9 billion worth of Bitcoin, which hit a record of $111,980 on May 22. Metaplanet has plans to raise about $5.4 billion to add to its Bitcoin stockpile. The company is among a…
