Metaplanet’s Share Price Rises as Bitcoin Holdings Approach 400 BTC

Japanese investment firm Metaplanet has expanded its Bitcoin holdings to nearly 400 BTC, resulting in a 5.9% increase in its share price on the Tokyo Stock Exchange.

On September 10, the firm reported the acquisition of an additional 38.46 BTC for approximately $2.1 million (300 million Japanese yen), bringing its total holdings to 398.8 BTC, valued at about $23 million.

This marks Metaplanet’s tenth Bitcoin purchase since it initiated its investment strategy on April 23. According to data, the firm is currently seeing a 13.3% loss on its total Bitcoin investments, as Bitcoin trades at around $57,520, reflecting a 1.5% increase over the past 24 hours.

Significant Growth in Share Price

Despite the dips in Bitcoin’s value, Metaplanet’s share price has skyrocketed by 480% since the announcement of its Bitcoin investment strategy in early April, as evidenced by MarketWatch data.

This corporate firm now holds the 27th largest Bitcoin reserve globally, with the third-largest in Asia.

Expansion Plans and Strategic Goals

In May, Metaplanet declared its intent to utilize various capital market instruments to enhance its Bitcoin reserves, mirroring strategies employed by MicroStrategy.

On August 8, the firm secured a $6.8 million (1 billion Japanese yen) loan specifically for Bitcoin acquisitions. CEO Simon Gerovich shared at a conference in July that the company’s Bitcoin strategy serves as a safeguard against Japan’s escalating debt challenges and the declining value of the yen.

“We realized that Bitcoin is the apex monetary asset and something great for our treasury to have. We then made it our stated goal to own and to purchase as much Bitcoin as we can over time.”

Gerovich described the company’s prior status as a “zombie” firm before adopting a Bitcoin investment strategy, acknowledging MicroStrategy founder Michael Saylor’s influence in paving the way for corporate Bitcoin investments.