Tokyo-based Metaplanet Inc. saw its shares climb 15.1% following the announcement of a new Bitcoin acquisition.
Metaplanet's Bitcoin Purchase
Metaplanet Inc. announced the acquisition of 124.1 Bitcoin (BTC) valued at approximately $11.3 million. The firm purchased the cryptocurrency at an average price of 14.1 million yen per BTC, increasing its total Bitcoin holdings to 1,142.2 BTC, worth about $104.8 million.
Market Reaction to the Move
Following the announcement, Metaplanet's shares closed at 2,295 yen with a daily trading volume of 21.9 billion yen. Year-to-date, the company's shares have risen by 1,334%, outperforming many large firms on the Nikkei 225 index, which rose only 0.5% on the same day.
Metaplanet's BTC Strategy
CEO Simon Gerovich highlighted the importance of this move, noting that Metaplanet ranked 29th among the most traded Japanese companies. The firm's strategy to adopt Bitcoin as a treasury reserve asset was announced in May. An impressive BTC yield of 186.9% was disclosed for the period between October 1 and November 19. To fund this purchase, bonds worth 1.75 billion yen maturing in 2025 were issued.
Metaplanet's active embrace of Bitcoin as a key strategy is paying off, as the company successfully increases its cryptocurrency reserves, following in the footsteps of firms like MicroStrategy.
