Metaplanet, a Japanese publicly traded business, has maintained its Bitcoin purchasing frenzy, acquiring more than 108 BTC in the early Asian trading hours today. The new purchase coincides with a considerable increase in the asset’s price and the worldwide cryptocurrency market.
Metaplanet’s Bitcoin purchase is consistent with its long-term policy of holding the flagship cryptocurrency as a hedge against the weakening Japanese yen. Meanwhile, the company is collaborating with other companies to create a seamless acquisition strategy as it positions itself as one of the world’s largest corporate Bitcoin holders.
Metaplanet Buys Another 108 Bitcoins
The corporation revealed that it had invested 1 billion yen, or $6.7 million, to buy precisely 108.78 BTC in a post on X (previously Twitter). The business stated that it paid an average of 9,192,359 yen, or $61,877, for each coin.
Interestingly, this comes soon after their previous BTC buy on October 3. Metaplanet sold Bitcoin Put Options and received 23.9 BTC at an average price of 8.95 million yen (worth $60,249).
Metaplanet now holds 639.503 BTC, which is worth 5.965 billion yen (about $40.144 million). The holdings were purchased for an average of 9,326,856 yen ($62,800). With these aggressive acquisitions, Metaplanet now ranks as Japan’s second-largest Bitcoin corporate holder, after only NEXON Co Ltd.
Metaplanet’s consistent Bitcoin purchases have been compared to American business intelligence public company Microstrategy, which uses a similar strategy to accumulate Bitcoin for the long term. Microstrategy is the world’s largest Bitcoin corporate holder, with over 252,000 BTC in its coffers.
Metaplanet Stock Price Increases Amid BTC Purchase
Meanwhile, Metaplanet’s (TYO: 3350) stock price has soared dramatically after it moved to Bitcoin as a store of wealth. Google Finance data indicates that the stock price of Metaplanet has increased by 500% year-to-date (YTD).
With the recent announcement of the acquisition, the price of its stock surged 11% to ¥1,045. As of writing, Google Finance data indicates that the price has retraced and is currently trading at ¥1,006.00.
As a result of the stock price increase, its valuation increased to 36.95 billion yen, or $248.87 million. This value is anticipated to rise in October due to the anticipated bull market since Metaplanet is likely to keep adding Bitcoins to its portfolio.
Bitcoin was trading at $63,470 at the time of writing, up 2.45% over the previous day.
Final Thoughts
Metaplanet’s continued investment in Bitcoin signals its strong belief in the cryptocurrency as a hedge against the weakening Japanese yen and as a long-term asset. By acquiring over 108 BTC in its latest purchase, the company reinforces its strategy of aggressive Bitcoin accumulation, paralleling the approach of companies like Microstrategy.
This move not only boosts its Bitcoin reserves but also seems to be contributing positively to its stock performance, as seen by the 500% year-to-date stock increase. As the company grows its Bitcoin holdings, its positioning as Japan’s second-largest Bitcoin corporate holder could potentially attract more investors, especially as the cryptocurrency market continues to rally. This strategic alignment between Bitcoin acquisitions and corporate growth could solidify Metaplanet’s position in both the cryptocurrency and corporate sectors.
