Metaplanet Shares Soar 158% on Bitcoin Strategy, Triggering Consecutive Trading Halts

Trading in Metaplanet’s stock was halted for two consecutive days by the Tokyo Stock Exchange due to a significant price surge, following the company’s adoption of a bitcoin investment strategy similar to Microstrategy’s, which led to a 158% increase in its share price over the last week. The company’s stock price rally, which rose 127% in just two days to 93 Japanese yen, was close to pushing its market cap to $1 billion, prompting the exchange to enforce trading halts in accordance with its rules on maximum daily price increases. Metaplanet, aiming to bolster its bitcoin reserves as a hedge against Japan’s economic challenges, including a high debt-to-GDP ratio and a depreciating yen, has accumulated 117.7 bitcoin, valued at $7.2 million, resulting in a 389% stock price increase since the announcement of its bitcoin strategy.