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Metaplanet continues to bet big on Bitcoin, further expanding its portfolio with an additional purchase on Monday.
Key Notes
Metaplanet has been consistently increasing its Bitcoin holdings, taking advantage of price dips to build its portfolio over time.The company's total Bitcoin holdings now stands at $40 million with the latest purchase of 108.786 BTC.Following the recent BTC purchase, Metaplanet’s stock surged nearly 8%, demonstrating market confidence in its Bitcoin endeavours. .Tokyo-based Metaplanet, often referred to as Japan’s MicroStrategy, has once again bolstered its Bitcoin BTC $63 601 24h volatility: 2.6% Market cap: $1.26 T Vol. 24h: $21.40 B portfolio, continuing its aggressive investment strategy despite turbulent market conditions. On Monday, October 7, the investment firm announced the acquisition of 108.786 BTC, worth approximately 1 billion yen ($6.7 million).
Despite ongoing market volatility, where over $123 million in leveraged positions were liquidated in just 24 hours, Metaplanet remains confident in Bitcoin’s long-term potential. The company’s strategy mirrors that of MicroStrategy, whose CEO Michael Saylor has been a vocal advocate for adopting BTC as a corporate reserve asset.
Metaplanet’s Bitcoin Holdings Now Stands at $40M
According to the announcement, Metaplanet’s recent Bitcoin purchase was made at an average price of 9.19 million yen ($61,880) per BTC. With this latest acquisition, Metaplanet’s total Bitcoin holdings have swelled to 639.503 BTC, valued at approximately 6 billion yen ($40.6 million). These purchases have come at an average price of 9.32 million yen ($62,789) per BTC.
The Asian company first made headlines in May 2024 when it officially embraced Bitcoin as its primary treasury reserve asset, taking a page from MicroStrategy’s playbook. The move is part of the company’s efforts to use the king coin to hedge against the falling Japanese yen.
Since then, the Tokyo-listed firm has been steadily increasing its Bitcoin holdings, making regular acquisitions regardless of market fluctuations.
The company’s previous BTC purchase took place just a week earlier, on October 1, when it bought 107.913 BTC for roughly 1 billion yen ($6.9 million). Its total Bitcoin portfolio was valued at $32.2 million at that time.
That same week, Metaplanet revealed it had earned 23.9 BTC ($1.4 million) in premium income by selling 223 Bitcoin put options to Singapore-based QCP Capital. The company noted that the transaction allowed it to capitalize on Bitcoin’s volatility while maintaining a fully cash-backed position.
Metaplanet’s Stock Rose Nearly 8%
Buoyed by the news of its recent Bitcoin purchase, Metaplanet’s stock surged nearly 8% on Monday morning, according to Google Finance. This marked a sharp reversal after five days of decline, during which the stock had lost up to 12% of its value before the sudden rebound.
The stock has seen a staggering 517.50% increase year-to-date, driven by the company’s decision to adopt Bitcoin as its corporate reserve asset. This surge has boosted Metaplanet’s valuation to 36.95 billion yen ($248.87 million). With a bullish market expected in October, analysts predict further growth as the company is likely to continue adding Bitcoin to its portfolio.
At the time of writing, Bitcoin was trading at $63,365, reflecting a 2.28% gain in the past 24 hours.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
