Lawrence Damilola
Shares of Japanese investment firm Metaplanet rose 15.7% today after the company announced its latest Bitcoin acquisition. Metaplanet revealed that it purchased nearly 107 Bitcoin, bringing its total holdings to 855.5 BTC, valued at over $56.1 million.
Latest Bitcoin Purchase Details
Metaplanet confirmed that it spent approximately $6.7 million (1 billion yen) to acquire 106.976 Bitcoin at a price of $62,520 per coin. This price was 5.8% below the market rate of $66,200 at the time of the transaction.
This latest acquisition follows a series of Bitcoin purchases made earlier in October. Metaplanet acquired 109 Bitcoin on October 11 and 108.8 Bitcoin on October 7. In addition, the company purchased 132 Bitcoin in two separate transactions on October 1 and 3, according to Bitcoin Treasuries data.
The total amount Metaplanet has spent on Bitcoin now stands at $53.2 million, covering the cost of its 855 BTC. The company has gained 5.4% on its Bitcoin investments thus far.
Following the announcement, the firm’s stock was trading at 1,105 yen ($7.38) on the Tokyo Stock Exchange before the midday break on October 15. According to Google Finance data, this represents a 15.7% increase from its previous close on October 14. Since the firm introduced its Bitcoin investment strategy in early April, its stock price has increased by 480%.
Metaplanet has expanded its Bitcoin investments through several purchases, notably acquiring an undisclosed amount on October 11 and 108.8 BTC on October 7. Additionally, the firm bought 132 Bitcoin in two separate deals on October 1 and 3, effectively doubling its Bitcoin assets during this period.
Metaplanet’s CEO, Simon Gerovich, has stated that the company’s Bitcoin strategy is influenced by MicroStrategy’s investment model, led by Michael Saylor. MicroStrategy, which holds over 252,000 Bitcoin, is known for its significant Bitcoin investments.
In August, Metaplanet took out a $6.8 million loan from one of its shareholders to fund additional Bitcoin purchases. According to data from the Bitcoin Treasuries, the company’s Bitcoin holdings are now the 23rd largest among public firms.
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Lawrence does not hold any crypto asset. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
