Metaplanet's Bitcoin strategy lifts stock by 443%, targets 1,000 BTC
Japanese investment company Metaplanet has made its largest number of Bitcoin purchases to date, following the acquisition of 107.913 BTC for around 1 billion yen (equivalent to $6.9 million), as per an Oct. 1 statement.
This marks Metaplanet’s eleventh Bitcoin acquisition since its first purchase on April 23, according to data from Bitcoin Treasuries.
With this latest purchase, the firm’s total Bitcoin holdings now amount to 506.745 BTC, worth approximately $32.2 million. The company’s recent disclosure shows that it has spent 4.75 billion yen (around $31.9 million) on its Bitcoin purchases, with an average acquisition cost of 9.37 million yen (roughly $64,931) per BTC.
Meanwhile, Simon Gerovich, Metaplanet’s CEO, hinted at further Bitcoin acquisitions and revealed the firm’s next goal is to accumulate 1,000 BTC. He said:
“As we start the second week of rights warrant exercise, please help us rise up on the list of top corporate holders of Bitcoin. Next target is to own more than 1000 Bitcoin.”
Presently, Metaplanet ranks as the second-largest institutional Bitcoin holder in Asia, trailing only Hong Kong’s Meitu Inc., which holds 940.9 BTC, according to Bitcoin Treasuries.
Meanwhile, the Michael Saylor-led MicroStrategy remains the largest corporate Bitcoin holder globally, with 252,220 BTC.
Metaplanet stocks outperforms
Metaplanet’s Bitcoin move has proven largely successful and helped the company stocks outperform traditional financial assets like the US Dollars, Gold, and Japan’s Nikkei share index
On Sept. 19, Gerovich shared that the company’s stock has surged by 443% since adopting the Bitcoin standard. In comparison, the Nikkei index, the US Dollar, and Bitcoin itself have all seen declines of 7.1%, 6.4%, and 10.1%, respectively. Gold, however, has risen by 17% during this period.
Market observers have linked this strong performance with the firm’s Bitcoin-only treasury strategy, which it adopted in May to hedge against the volatility of the Japanese yen. Since then, Metaplanet has made regular Bitcoin purchases, positioning itself among the top 25 institutional Bitcoin holders globally.
The post Metaplanet’s Bitcoin strategy lifts stock by 443%, targets 1,000 BTC appeared first on CryptoSlate.
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