Metaplanet has continued to boost its total Bitcoin holding with a fresh 124 BTC purchase
Asia’s largest corporate Bitcoin (BTC) holder Metaplanet has acquired another 124 BTC BTC $67 290 24h volatility: 2.0% Market cap: $1.34 T Vol. 24h: $46.14 B . This came almost immediately after business intelligence and software company MicroStrategy Inc (NASDAQ: MSTR) announced its purchase of 51,780 BTC. Metaplanet’s Tuesday purchase cost the company 1.75 billion Japanese Yen, equivalent to $11.3 million.
The average Bitcoin price for each coin is 14,099,600 yen per BTC. Meanwhile, the average acquisition cost for all the Bitcoin in Metaplanet’s bag is 9,955,874 yen per BTC.
Metaplanet Bitcoin Bet Paying Off
With the new purchase, the Japanese firm now holds almost 1,150 BTC. Bitcoin is currently trading at $92,007.70. This places the value of the company’s Bitcoin stash at over $105 million. Metaplanet’s stock price has also increased by approximately 15% today. It spiked to 2,300 JPY after sitting at the critical resistance of 2,000 JPY for a while.
This recent breakout presents an opportunity for the stock to rally further to 3,000 JPY, meaning that Metaplanet stock would register about a 30% increase. The company’s Bitcoin Yield has shot up by 186.9% Quarter-to-date (QTD).
*Metaplanet purchases additional 124.11 $BTC* pic.twitter.com/4QLVrsGTei
— Metaplanet Inc. (@Metaplanet_JP) November 19, 2024
On Monday, Metaplanet hinted at pursuing a debt sale to boost its Bitcoin holding. The debt sale involves one-year ordinary bonds with a guarantee totaling 1.75 billion yen, equivalent to $11.3 million. The firm planned an annual interest rate of 0.36% for the proposed bond sale.
According to the details of its recent Bitcoin acquisition, the debt sale pulled through for the Japanese firm.
MicroStrategy’s Bitcoin Playbook Produces Snowball Effects
MicroStrategy has consistently conducted a series of MSTR stock buybacks to boost its BTC holdings. This year alone, BTC in its portfolio has recorded a massive 400% rally. Metaplanet has adopted this playbook, which has proven profitable so far. For perspective, the firm recently attested that its Bitcoin holding has pulled in a profit of more than $28 million.
As the company’s balance sheet improves significantly, so do its stakeholders, who are registering massive gains. Metaplanet’s Bitcoin acquisition strategist Dylan Leclair acknowledged the paradigm shift in corporate strategies, citing Bitcoin as the new “stock buyback” for Wall Street.
“Wall Street has been put on notice,” LeClair stated.
Markedly, MicroStrategy’s open access to its Bitcoin acquisition playbook has triggered a snowball effect across corporate institutions. Semler Scientific and Marathon Digital also maintain an active Bitcoin purchase campaign. Even technology giant Microsoft Corporation (NASDAQ: MSFT) is gearing up for its stakeholders’ vote in December on putting Bitcoin on its balance sheet.
In the meantime, its board members have recommended voting against the move. However, the stakeholders’ vote will determine the company’s next step.
On one hand, Bitcoin may register a further surge and reach the projected level of $100,000 before the year ends. The current price level, market cap, and trading volume set the stage for this potential price action.
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