Metaplanet's stock surged over 15% after boosting its Bitcoin reserves to 855 BTC this October.
Since adopting Bitcoin in April 2024, Metaplanet's stock price has surged by over 500% this year.
Metaplanet's aggressive Bitcoin strategy targets 1,000 BTC, with no plans to sell its holdings soon.
Metaplanet has expanded its Bitcoin holdings, acquiring 106 BTC in its latest purchase. This brings the company’s total Bitcoin reserves to 855 BTC. The company’s Bitcoin strategy has sparked attention, especially in the stock market, which saw a rise in Metaplanet’s stock price following the announcement.
https://twitter.com/BitcoinMagazine/status/1845984786109637058 Metaplanet Stock Jumps Over 15% After Bitcoin Acquisition
Metaplanet's stock experienced a surge of more than 15% following the company's announcement of its most recent Bitcoin acquisition. As reported by Yahoo Finance, the stock price increased from 955 JPY to 1,105 JPY. Metaplanet has completed four Bitcoin transactions in October, with the latest being on October 11.
Metaplanet Bitcoin Holdings Now Valued at $56 Million
Metaplanet’s total Bitcoin holdings, now worth around $56 million at current prices, position the company among the top holders of the cryptocurrency. The average purchase price of Bitcoin for the company is around $62,200, below the current market price of $65,700.
This accumulation is part of it’s strategy to safeguard against Japan’s rising debt and the declining value of the yen.
Company's Strategic Approach to Bitcoin
Metaplanet first adopted Bitcoin as a strategic treasury asset in April 2024. Since then, the company has been steadily increasing its bitcoin holdings towards a target of 1,000 BTC.
The company plans to continue to acquire more assets and is not planning on selling in the near future. The company is short of 145 BTC to reach its goal of 1,000 BTC.
Stock Value Triples in 2024
Since adopting Bitcoin, Metaplanet’s stock price has more than tripled, growing by over 500% in 2024 alone. This growth has solidified its position as a major player in both the tech and crypto markets. With its current holdings, the company ranks as the 17th largest public company holder of Bitcoin.
At this pace, the company is expected to surpass Meitu, which holds 940 BTC, and become the largest Bitcoin holder among public companies in Asia.
The post Metaplanet Adds 106 Bitcoin to Reserves, Stock Triples in 2024 After Strategic Shift appeared first on Crypto News Land.
