Tokyo-listed investment firm Metaplanet recently made headlines by expanding its Bitcoin holdings with the acquisition of an additional 108.786 BTC for ¥1 billion, equivalent to around $6.7 million. This move comes as part of the company’s aggressive strategy to increase its Bitcoin reserves, with a total of around 130 BTC acquired just this month alone.
With this latest purchase, Metaplanet now holds a total of 639.503 BTC, having spent approximately ¥5.96 billion (roughly $40.1 million) on Bitcoin acquisitions at an average cost of ¥9.32 million ($62,827) per BTC. The news of this acquisition caused Metaplanet’s stock to surge by approximately 11%, reaching a peak of ¥1,047 per share (about $7), according to Google Finance. This marks a significant 517% increase in the company’s share price year-to-date, although it still remains 67% below its all-time high recorded in July.
Looking ahead, Dylan LeClair, Metaplanet’s director of Bitcoin strategy, announced the company’s plans to acquire an additional ¥7.5 billion (approximately $50.5 million) worth of Bitcoin by the end of 2024. This move is part of the ¥10 billion target set through the issuance of stock acquisition rights. In August, Metaplanet revealed its intention to raise funds by offering its 11th series of stock acquisition rights to all common shareholders, with an option to purchase shares at ¥555 (~$4) between September 6 and October 15.
LeClair confirmed that the company has already exercised some of these rights, contributing to its recent Bitcoin purchasing spree. The remaining balance will be used to acquire more Bitcoin before the end of the year. Market analysts have noted that this acquisition strategy aligns with Metaplanet’s goal of holding a total of 1,000 BTC. If successful, the firm will become Asia’s largest publicly traded Bitcoin holder, surpassing Hong Kong’s Meitu Inc., which currently holds 940.9 BTC according to Bitcoin Treasuries data.
In conclusion, Metaplanet’s bold moves in the cryptocurrency space reflect a growing trend among institutional investors to diversify their portfolios with digital assets. As the company continues to strengthen its position in the Bitcoin market, all eyes will be on its future growth and impact on the industry.