On October 15, shares in Metaplanet (TYO: 3350) soared by 15.7% following the Japanese investment firm’s announcement of its latest Bitcoin acquisition. The company revealed that it had purchased nearly 107 Bitcoin (BTC), bringing its total holdings to an impressive 855.5 BTC, worth over $56.1 million at the time of the announcement.
Metaplanet disclosed that it spent approximately $6.7 million (1 billion yen) for 106.976 BTC, which equates to about $62,520 per coin. This purchase was strategically made at a price 5.8% below Bitcoin’s prevailing market rate of $66,200, providing a favorable entry point for the firm. As a result, Metaplanet’s shares traded at 1,105 yen ($7.38) before the Tokyo Stock Exchange’s lunch break, marking a significant increase from its previous closing price.
The firm’s bullish stance on Bitcoin is evident, with a staggering 480% increase in share price since it announced its Bitcoin investment strategy back in April. To date, Metaplanet has invested a total of $53.2 million into its Bitcoin holdings, yielding a 5.4% profit on its investments thus far.
This latest purchase follows a series of aggressive acquisitions this month, where Metaplanet doubled its Bitcoin reserves through four additional transactions. Earlier in October, the firm acquired 109 BTC on October 11 and 108.8 BTC on October 7, in addition to a combined purchase of 132 BTC on October 1 and 3. These strategic moves come as Bitcoin has rebounded over 9% to $65,500 between Metaplanet’s transactions, demonstrating the firm’s keen market timing.
Metaplanet’s CEO, Simon Gerovich, has openly cited MicroStrategy and its executive chairman Michael Saylor as inspirations for their Bitcoin strategy. MicroStrategy currently holds over 252,000 Bitcoin, valued at approximately $16.45 billion. Reflecting on this model, Gerovich announced that Metaplanet would explore “an entire range of capital market instruments” to bolster its Bitcoin reserves, mirroring MicroStrategy’s well-documented playbook. In August, the firm even secured a $6.8 million loan from a shareholder to facilitate its Bitcoin purchases.
Also Read: Bitcoin ETFs Surge With $555M In Inflows – A Record-Breaking Day Amid Market Rally
According to Bitcoin Treasuries, Metaplanet now ranks as the 23rd largest holder of Bitcoin among public companies. As institutional interest in cryptocurrency continues to grow, Metaplanet’s aggressive accumulation strategy positions it well within the evolving landscape of digital assets.
With its latest investments and strategic positioning, Metaplanet is not only strengthening its financial portfolio but also making a bold statement in the cryptocurrency market. As more companies follow suit, the future of Bitcoin investments remains a captivating narrative in the world of finance.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
