The Tokyo Stock Exchange stopped trading in Metaplanet’s stock for two consecutive days. This came after a significant price surge following the company’s adoption of a bitcoin investment strategy. Metaplanet’s shares soared 158% last week, similar to MicroStrategy’s approach.
The stock rose 127% to 93 Japanese yen in just two days. This rally nearly pushed Metaplanet’s market cap to $1 billion. The exchange-enforced trading halts due to maximum daily price increase rules.
Metaplanet aims to bolster its bitcoin reserves to hedge against Japan’s economic challenges. These challenges include a high debt-to-GDP ratio and a depreciating yen. The company has accumulated 117.7 bitcoins, valued at $7.2 million. Since the Bitcoin strategy announcement, this has led to a 389% stock price increase.
