Metaplanet has significantly ramped up its Bitcoin investments, doubling its holdings to over 450 Bitcoin this month alone. The Japanese investment firm’s stock jumped 15.7% on October 15 following its announcement of a recent purchase of nearly 107 Bitcoin.
With this latest acquisition, Metaplanet now holds a total of 855.5 Bitcoin, valued at over $56.1 million, as stated in their October 15 release. The firm invested approximately $6.7 million (1 billion yen) for 106.976 BTC, securing the coins at around $62,520 each—5.8% below Bitcoin’s market price of $66,200 at the time.
Before the Tokyo Stock Exchange’s lunch break at 11:30 AM local time on October 15, Metaplanet’s shares traded at 1,105 yen ($7.38), marking a 15.7% increase from the previous day’s close, according to Google Finance data. Since unveiling its Bitcoin investment strategy in early April, the firm’s share price has skyrocketed by 480%.
To date, Metaplanet has spent approximately $53.2 million to acquire its total of 855 Bitcoin, resulting in a 5.4% gain on its investment. This latest purchase follows four earlier acquisitions this month, significantly boosting its Bitcoin portfolio. The firm acquired 109 BTC on October 11 and 108.8 BTC on October 7, in addition to a combined 132 Bitcoin on October 1 and 3.
In the period between Metaplanet’s October 11 purchase and today, Bitcoin prices rallied over 9% to reach $65,500, according to CoinGecko data.
CEO Simon Gerovich has cited MicroStrategy and its executive chairman, Michael Saylor, as key inspirations for the company’s Bitcoin strategy. MicroStrategy currently holds more than 252,000 Bitcoin, valued at $16.45 billion. In May, Metaplanet announced plans to explore a range of capital market instruments to enhance its Bitcoin reserves, mirroring MicroStrategy’s approach. This includes a $6.8 million loan taken from a shareholder to finance further Bitcoin purchases in August.
According to Bitcoin Treasuries, Metaplanet now ranks as the 23rd largest holder of Bitcoin among public companies.
The post Bitcoin Buyout: Metaplanet Shares Surge 16% appeared first on Baffic.
