Metaplanet Shares Surge Following Bitcoin Acquisition
Crypto News

Metaplanet Shares Surge Following Bitcoin Acquisition

2m
Created 3w ago, last updated 3w ago

Metaplanet, a Japanese investment firm, announced the purchase of nearly 107 Bitcoin, prompting a 15.7% increase in its share price, on Oct. 15.

Metaplanet Shares Surge Following Bitcoin Acquisition
Metaplanet, a Japanese investment firm, announced the purchase of nearly 107 Bitcoin, prompting a 15.7% increase in its share price, on Oct. 15.

This latest acquisition brings Metaplanet's total Bitcoin holdings to 855.5 BTC, valued at over $56.1 million based on current market rates.

The firm disclosed that it spent approximately $6.7 million, or 1 billion yen, on this latest transaction, acquiring Bitcoin at about $62,520 per coin, which is 5.8% lower than the prevailing market price of $66,200 at the time.

Prior to their announcement, Metaplanet's shares traded at 1,105 yen ($7.38) on the Tokyo Stock Exchange, reflecting a significant rise from its closing price on Oct. 14.

Since introducing its Bitcoin investment strategy in early April, Metaplanet’s stock has skyrocketed by 480%. The firm has doubled its Bitcoin holdings this month alone, following a series of earlier purchases, including 109 BTC on Oct. 11 and 108.8 BTC on Oct. 7.

Additionally, Metaplanet acquired a combined total of 132 Bitcoin in two transactions on Oct. 1 and 3, Bitcoin Treasuries data shows.

According to Bitcoin Treasuries, Metaplanet now ranks as the 23rd largest holder of Bitcoin among public companies. The firm has invested a total of $53.2 million in Bitcoin, resulting in a 5.4% increase in the value of its holdings.

Metaplanet's CEO, Simon Gerovich, has cited inspiration from MicroStrategy and its chairman, Michael Saylor, as a guiding force behind the company's investment strategy.
In May, the firm announced plans to employ various capital market instruments to expand its Bitcoin reserves, including a $6.8 million loan from a shareholder earlier this year.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
0 people liked this article