Metaplanet, a Tokyo-listed investment firm, is making waves in the cryptocurrency world with its aggressive Bitcoin acquisition strategy. This month alone, the company has added over 450 BTC to its holdings, solidifying its position as a major player in the digital asset space.
CEO Simon Gerovich recently announced the purchase of 106.976 BTC for 1 billion yen, equivalent to approximately $6.7 million. This acquisition was part of Metaplanet’s ongoing accumulation plan, which saw the firm double its Bitcoin holdings in October. In addition to this purchase, the company also bought 107.91 BTC at the beginning of the month and gained an additional 23.97 BTC premium by selling BTC put options.
With these recent acquisitions, Metaplanet now holds a total of 855.5 BTC, valued at over $56.1 million. According to data from blockchain analytics firm Arkham Intelligence, the company’s Bitcoin holdings are currently generating a profit of around $581,000.
The timing of these acquisitions couldn’t be better, as Bitcoin’s price has recently seen a 2% increase, reaching $65,654 at the time of writing. This marks a recovery from a recent dip below $60,000 and continued trading at that range.
Metaplanet’s Bitcoin acquisition strategy has not only bolstered its cryptocurrency holdings but has also positively impacted its stock price. Google Finance data shows that the company’s stock price surged by 15% to 1,107 yen. Year-to-date, Metaplanet’s stock has risen by approximately 500%.
In May, Metaplanet made the strategic decision to adopt Bitcoin as a reserve asset to hedge against the volatility of the Japanese yen. With its current holdings, the company now boasts the second-largest Bitcoin stash among Asia-listed companies, trailing only Hong Kong-based Meitu, which owns 941 BTC.
On a global scale, both Metaplanet and Meitu are following the lead of US-based company MicroStrategy, led by Michael Saylor, which holds over $16 billion worth of Bitcoin, making it the largest public holder of the digital asset.
Overall, Metaplanet’s aggressive Bitcoin acquisition strategy is paying off, both in terms of its cryptocurrency holdings and its stock performance. As the company continues to expand its presence in the digital asset space, it will be interesting to see how its investments pay off in the long run.