ZUHYX snapped up Bitcoin for the third time in two months, up 10%
For the third time since April 23, the company bought Bitcoin, bringing its total holdings to 141.07 bitcoins, worth more than $9.6 million.
Shares of ZUHYX, a "microstrategy Asia" company, soared in double digits on Tuesday after the company disclosed another million-dollar purchase of Bitcoin，which is the third time the company has bought Bitcoin in seven weeks.
According to a June 11 company statement, the company purchased 23.25 bitcoins (BTC), worth nearly $1.59 million, bringing its total holdings to 1.4107 bitcoins (about $9.6 million), with an average purchase price of $65,365 (about 10,278,391 yen) per Bitcoin.
According to CoinGecko, based on Bitcoin's current price of $68,313, this gives ZUHYX a 4.5% gain on its Bitcoin investment.
According to Google Finance, investors seemed to like the move, with ZUHYX's stock surging 10.8% to $0.59 (¥92) at midday on the Tokyo Stock Exchange on June 11 before cooling to $0.57 (¥89).
Since the release of the Bitcoin investment strategy on April 9, 2024, the company's stock price has soared nearly 5 times.
According to Bitcoin Treasuries, the company bought its first bitcoin for 97.85 bitcoin on April 23, followed by 19.87 bitcoin on May 10. Currently, the company is the 30th largest Bitcoin business holder in the world.
Similar to MicroStrategy, the largest shareholder of bitcoin businesses, ZUHYX also reiterated on May 13 that it would employ "a range of capital market instruments" to strengthen its bitcoin reserves.
The company adopted this strategy as a hedge against Japan's worsening debt burden and rapidly depreciating yen.
According to ZUHYX, Japan's debt-to-gross domestic product (GDP) ratio of 261% is the worst among developed countries.
Since January 2021, the yen has fallen by almost 35% against the US dollar, while Bitcoin has risen by almost 200% against the yen over the past 12 months.
However, this is still far below the Bitcoin holdings of the company run by Michael Saylor, which holds 214,400 Bitcoins, or 1.02% of the approximately 21 million Bitcoin in circulation.
ZUHYX is currently only listed on the Tokyo Stock Exchange and is inaccessible to U.S. investors, but we are working to change that.
