Metaplanet Reports $28 Million Gain From Bitcoin, But Stock Still Falls

Tokyo-based company #Metaplanet has just announced a $28 million increase in its Bitcoin holdings amid a strong recovery in the cryptocurrency market. Since late September, Metaplanet has doubled its Bitcoin holdings, from 492.82 $BTC to 1,018.17 BTC in mid-November, according to its third-quarter financial report.

In October, Metaplanet bought an additional 156 BTC for about $10 million, bringing the company's total investment in Bitcoin to $64 million. Dubbed the “MicroStrategy of Asia,” Metaplanet is considering Bitcoin options trading strategies to generate additional income.

Despite the surge in Bitcoin holdings, Metaplanet still recorded a net loss of $2.1 million in the first nine months of 2024, down slightly from a loss of $2.7 million in the same period a year earlier. The company's revenue rose 46.3% year-on-year to $1.7 million, driven largely by its hotel and digital asset operations.

However, Metaplanet shares fell 5% on Tuesday to 1,766 yen ($11.41) during Asian trading hours.