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Metaplanet shares surge 16% after 5th BTC purchase
Metaplanet shares surge 16 percent after 5th Bitcoin acquisition in October
Metaplanet
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Metaplanet shares surge 16 percent after 5th Bitcoin acquisition in October

2024-10-15 by Ndaman Olayinka 3 minutes read
Metaplanet shares surge 16 percent after 5th Bitcoin acquisition in October

Metaplanet's stock increased 15.7% following the announcement of the Japanese investment firm's acquisition of nearly 107 Bitcoin (BTC) on October 15. This is the fifth time that the Japanese firm will purchase Bitcoin assets for its reserves this month. 

With this acquisition, Metaplanet now has 855.5 Bitcoin, valued at over $56.1 million, the company announced in a statement. The company reported that it paid approximately $62,520 per coin, or 5.8% less than the market price of $66,200 for 106.976 BTC, spending nearly $6.7 million (1 billion yen). 

Metaplanet shares jump to 16% 

According to Google Finance data on Tuesday, October 15, Metaplanet share was up 15.7% from its close on October 14 at 1,105 yen ($7.38) before the Tokyo Stock Exchange paused for lunch at 11:30 am local time. 

Since it revealed its Bitcoin investment strategy in early April, its share price has increased by 480%. 

Metaplanet’s Bitcoin holdings 

Bitcoin was accepted by Metaplanet in May as a strategic reserve asset and a hedge against Japan's debt burden and the yen's subsequent volatility. In April, it began purchasing bitcoin, with its first transactions totaling 117.7 BTC, or $7.19 million at the time. Metaplanet is up 5.4% on its Bitcoin investment and has now paid $53.2 million for the 855 Bitcoin it owns. 

Metaplanet previous Bitcoin purchases in October 

Today's Bitcoin purchase comes after the company more than doubled its Bitcoin holdings with four previous purchases this month. Bitcoin Treasuries data shows that Metaplanet purchased 132 Bitcoin earlier this month on October 1st and October 3rd in two batches. 

Additionally, the company bought 109 Bitcoin on October 11 and 108.8 Bitcoin on October 7. 

Metaplanet earns over $1 million in BTC

The company announced on October 3rd that it had made 23.972 BTC, or $1.52 million at the time, by selling Bitcoin options and keeping the premiums it received to increase its holdings. 

Simon Gerovich, the CEO of Metaplanet, acknowledged that MicroStrategy and its executive chairman Michael Saylor, whose company currently owns more than 252,000 Bitcoin valued at $16.45 billion, served as inspiration for his company's Bitcoin investment strategy. Michael Saylor's MicroStrategy, a Virginia-based intelligence software company, is well-known for having substantial Bitcoin holdings and is at the top of a list of global firms investing heavily in Bitcoin. 

According to Bitcoin Treasuries, Metaplanet has the 23rd-largest Bitcoin holdings of any public company. As of this writing, Bitcoin is trading at $67,260.17, up 2.96% over the previous day, according to CoinMarketCap data. 

Disclaimer

This information should not be considered financial advice by any means. Please do your own research before making any investment decisions. The views in the articles are personal opinions only. Whale Insider is not responsible for any financial losses incurred.