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Metaplanet’s Stock Surge: Shares Rise 16% Following Acquisition of 107 Bitcoin
Oct
Metaplanet’s Shares Surge 16% Following Bitcoin Acquisition
Metaplanet has significantly increased its Bitcoin holdings this month, acquiring over 450 Bitcoin in total.
On October 15, Metaplanet’s shares saw a remarkable increase of 15.7% after the company disclosed its latest acquisition of nearly 107 Bitcoin.
This recent transaction brings the firm’s total Bitcoin holdings to 855.5 BTC, valued at over $56.1 million, as stated in an announcement on October 15.
The company invested approximately $6.7 million (1 billion yen) to purchase 106.976 BTC, translating to around $62,520 per coin—5.8% below Bitcoin’s market price of $66,200 at the time of the announcement.
Metaplanet’s latest Bitcoin purchase details. Source: Metaplanet
According to Google Finance, Metaplanet (TYO: 3350) was trading at 1,105 yen ($7.38) just before the Tokyo Stock Exchange’s lunch break on October 15, marking a 15.7% increase from the previous day’s closing price.
Performance of Metaplanet’s share price over the past five days. Source: Google Finance
Since announcing its Bitcoin investment strategy in early April, the company’s share price has skyrocketed by 480%.
In total, Metaplanet has spent around $53.2 million on its 855 Bitcoin and has realized a 5.4% gain on its investments.
This recent acquisition follows four significant purchases earlier this month, which have helped to more than double the company’s Bitcoin reserves.
- 109 BTC purchased on October 11
- 108.8 BTC acquired on October 7
- 132 BTC purchased in two separate transactions on October 1 and 3
Notably, Bitcoin’s price rose over 9% to $65,500 during the period between the October 11 acquisition and the recent purchase, according to data from CoinGecko.
Metaplanet’s CEO, Simon Gerovich, has acknowledged that the company’s Bitcoin investment strategy draws inspiration from MicroStrategy and its executive chairman, Michael Saylor, whose firm holds over 252,000 Bitcoin valued at approximately $16.45 billion.
In a statement from May, Metaplanet indicated it would explore various capital market instruments to enhance its Bitcoin reserves, mirroring strategies employed by MicroStrategy.
This strategy has included securing a $6.8 million loan from one of its shareholders to fund additional Bitcoin purchases in August.
As of now, Metaplanet ranks as the 23rd largest holder of Bitcoin among publicly traded companies, according to data from Bitcoin Treasuries.