Metaplanet Shares Surge After Announcing $5.4 Billion Bitcoin Purchase Plan

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Shares of Japanese investment firm Metaplanet soared at market open following its announcement of a $5.4 billion fundraising initiative to buy Bitcoin.

According to Google Finance, Metaplanet’s stock (3350T) surged over 12% in early trading on June 9, reaching 1,505 yen ($10.42). The stock briefly hit a peak of 1,641 yen ($11.36), marking a 22% intraday gain.

The rally comes after Metaplanet revised its Bitcoin acquisition strategy in a June 6 announcement, increasing its target from 21,000 BTC to 210,000 BTC by 2027.

If achieved, this would position Metaplanet as the second-largest corporate Bitcoin holder, trailing only MicroStrategy, per Bitbo data. The company currently holds 8,888 BTC, including a recent purchase of 1,088 BTC on June 2.