Metaplanet Doubles Its Bitcoin Holdings

In October, Metaplanet significantly increased its #bitcoin☀️ holdings, purchasing over 450 bitcoins in several transactions, strengthening its position in the cryptocurrency market.

On October 15, Metaplanet's stock surged by 15.7% after the Japanese investment firm announced its latest purchase of nearly 107 bitcoins. This acquisition raised the company's total bitcoin holdings to 855.5 $BTC , valued at over $56.1 million, as stated by the firm.

Favorable Purchase Price

Metaplanet spent nearly $6.7 million (1 billion yen) to acquire 106,976 BTC, paying around $62,520 per coin, which was approximately 5.8% below the market price of Bitcoin at the time, which stood at $66,200.

Details of Metaplanet’s latest Bitcoin purchase. Source: Metaplanet

Before the announcement, Metaplanet's stock (TYO: 3350) traded at 1,105 yen ($7.38), but it jumped by 15.7% during the morning trading session on the Tokyo Stock Exchange on October 15. According to Google Finance data, the stock has risen by 480% since April, when the company first introduced its Bitcoin investment strategy.

Metaplanet’s change in share price over the last five days. Source: Google Finance

Steady Growth in Bitcoin Reserves

Metaplanet has now invested the equivalent of $53.2 million into the 855 bitcoins it holds. The company’s investment in Bitcoin has grown by 5.4% thanks to the rise in the cryptocurrency’s price.

This latest purchase follows the company’s previous acquisitions, which have more than doubled its Bitcoin holdings throughout October. The firm bought 109 BTC on October 11 and 108.8 bitcoins on October 7.

Additional Purchases in October

Earlier this month, Metaplanet made two large transactions, acquiring a total of 132 bitcoins on October 1 and 3, as reported by Bitcoin Treasuries. The price of Bitcoin has risen by more than 9%, reaching $65,500 since Metaplanet’s purchase on October 11, according to CoinGecko data.

Inspired by MicroStrategy

Metaplanet’s CEO, Simon Gerovich, revealed that their Bitcoin investment strategy is inspired by MicroStrategy and its executive chairman, Michael Saylor, whose company currently holds over 252,000 bitcoins worth $16.45 billion.

Gerovich also mentioned that his company plans to use "the full range of capital market tools" to bolster its Bitcoin reserves, similar to MicroStrategy’s approach. This includes a $6.8 million loan from one of its shareholders, which was used to purchase additional bitcoins in August.

Metaplanet Among the Largest Bitcoin Holders

According to Bitcoin Treasuries, Metaplanet now ranks as the 23rd largest holder of Bitcoin among publicly traded companies.

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