Key Points
- Metaplanet, a Tokyo-based investment firm, has increased its Bitcoin portfolio with a fresh purchase of $6.7 million.
- The firm’s total Bitcoin holdings now stand at approximately $40.6 million.
Metaplanet, an investment company based in Tokyo often likened to Japan’s MicroStrategy, has once again expanded its Bitcoin portfolio. The firm continues to pursue an aggressive investment strategy in spite of the unstable market conditions. On Monday, October 7, Metaplanet announced the purchase of 108.786 BTC, worth around 1 billion yen ($6.7 million).
Despite market instability, with more than $123 million in leveraged positions being liquidated within 24 hours, Metaplanet remains optimistic about Bitcoin’s long-term potential. The company’s strategy is similar to that of MicroStrategy, whose CEO Michael Saylor has been a strong proponent of adopting Bitcoin as a corporate reserve asset.
Metaplanet’s Bitcoin Portfolio Now Worth $40M
According to the announcement, Metaplanet’s recent Bitcoin purchase was made at an average price of 9.19 million yen ($61,880) per BTC. With this latest acquisition, Metaplanet’s total Bitcoin holdings have grown to 639.503 BTC, valued at approximately 6 billion yen ($40.6 million). These purchases have been made at an average price of 9.32 million yen ($62,789) per BTC.
The Asian firm first gained attention in May 2024 when it officially adopted Bitcoin as its primary treasury reserve asset, following MicroStrategy’s example. The move is part of the company’s efforts to use Bitcoin to hedge against the falling Japanese yen.
Since then, the Tokyo-listed firm has been steadily increasing its Bitcoin holdings, making regular purchases regardless of market fluctuations. The company’s previous Bitcoin purchase occurred a week earlier, on October 1, when it bought 107.913 BTC for approximately 1 billion yen ($6.9 million). At that time, its total Bitcoin portfolio was valued at $32.2 million.
In the same week, Metaplanet disclosed that it had earned 23.9 BTC ($1.4 million) in premium income by selling 223 Bitcoin put options to Singapore-based QCP Capital. The company stated that the transaction allowed it to capitalize on Bitcoin’s volatility while maintaining a fully cash-backed position.
Metaplanet’s Stock Increased by Nearly 8%
Fuelled by the news of its recent Bitcoin purchase, Metaplanet’s stock rose almost 8% on Monday morning, according to Google Finance. This marked a significant reversal after five days of decline, during which the stock had lost up to 12% of its value before the sudden rebound.
The stock has witnessed a remarkable 517.50% increase year-to-date, driven by the company’s decision to adopt Bitcoin as its corporate reserve asset. This surge has elevated Metaplanet’s valuation to 36.95 billion yen ($248.87 million). With a bullish market expected in October, analysts predict further growth as the company is likely to continue adding Bitcoin to its portfolio.
At the time of writing, Bitcoin was trading at $63,365, reflecting a 2.28% gain in the past 24 hours.
