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Metaplanet Inc. (3350.T) Stock: Slides 7.15% Despite $54M Bitcoin Buy Amid Market Dip
In a move that may have raised eyebrows among market participants, Metaplanet Inc.’s stock experienced a significant downturn of 7.15%, closing at JPY 987.00 despite the company’s massive acquisition of $54 million worth of Bitcoin.
The Tokyo-based firm has been vocal about its commitment to expanding its Bitcoin reserves aggressively, and this latest move appears to be in line with that strategy. The purchase brings Metaplanet’s total holdings to an impressive over $2 billion, solidifying its position as the seventh-largest corporate holder of Bitcoin globally.
Despite the significant sum invested, it seems that investor sentiment has taken a hit, resulting in a decline of 7.15% in stock value. It is unclear at this time what implications this may have on future investment decisions or Metaplanet’s overall strategy moving forward.
Source: coincentral.com
