Originally published on: October 15, 2024
Metaplanet saw a substantial 15.7% surge in its shares on Oct. 15 following the announcement of its recent purchase of nearly 107 Bitcoin. This move brings Metaplanet’s total Bitcoin stash to 855.5 BTC, valued at over $56.1 million.
The firm disclosed that it invested close to $6.7 million (1 billion yen) to acquire 106.976 BTC at approximately $62,520 per coin, which was 5.8% below the prevailing market price of $66,200 during the announcement.
Before the Tokyo Stock Exchange paused for lunch on Oct. 15, Metaplanet (TYO: 3350) was trading at 1,105 yen ($7.38), marking a 15.7% increase from its previous day’s closing. Over the last five days, the company’s share price has risen by 480%, showcasing a significant growth trend.
With its latest Bitcoin purchase, Metaplanet continues to amplify its holdings after several acquisitions earlier this month that have more than doubled its Bitcoin reserves. The company has expressed intent to strengthen its Bitcoin holdings inspired by industry leaders like MicroStrategy and its executive chairman Michael Saylor.
CEO Simon Gerovich outlined a strategic approach to leverage various capital market instruments to fortify its Bitcoin reserves, mirroring the strategy adopted by MicroStrategy. Metaplanet now stands as the 23rd largest holder of Bitcoin among public companies, showcasing a strong commitment to digital assets.
As Bitcoin’s value surged to $65,500 in the interim period between Metaplanet’s recent acquisitions, the company remains optimistic about the potential growth opportunities within the cryptocurrency market. Subscribe to the Markets Outlook newsletter for more insights and updates on emerging trends in the financial landscape. By subscribing, you gain access to invaluable insights to guide your investment decisions and enhance your trading strategies.
