Metaplanet has purchased 775 BTC, bringing its total reserves to 18,888 BTC, underscoring its confidence in its strategy.
Increase in Bitcoin Holdings
Metaplanet has enhanced its bitcoin strategy by acquiring an additional 775 BTC for around $93 million. According to Simon Gerovich, president of the company, the bitcoins were purchased at an average price of $120,006 each. This brings the company's total bitcoin holdings to 18,888 BTC, with a combined cost of $1.94 billion.
Company Financial Results
The company launched its bitcoin accumulation plan in April 2024 and now ranks seventh globally for total holdings. In its second-quarter financial report, revenue rose to 1.2 billion yen ($8.4 million), representing a 41 percent increase quarter-on-quarter. The net income turned into a profit of 11.1 billion yen ($75.1 million) compared to a loss of 5 billion yen ($34.2 million) in the first quarter.
Market Response and Company Strategy
Despite these positive results, Metaplanet's stock fell 8.6 percent to 866 yen in Japan. However, midday on Monday, the share price managed to increase by 0.6 percent. Gerovich acknowledged investor concerns but emphasized the company's ongoing growth in bitcoin income and its aggressive accumulation strategy.
The acquisition of 775 BTC underscores Metaplanet's strategy to enhance its cryptocurrency assets, which supports its long-term goals despite short-term market fluctuations.
