Metaplanet might be taking a cue from the playbook of MicroStrategy, the current leader in corporate Bitcoin ownership.
Japanese firm Metaplanet has continued to follow in the footsteps of the legendary MicroStrategy by acquiring Bitcoin, albeit aggressively. While its latest acquisition is the third in less than two months, it has begun seeing the same results as MicroStrategy after seeing an impressive stock surge almost immediately.
This aggressive Bitcoin strategy appears to be resonating with investors, pushing Metaplanet’s share price up by double digits.
Strategic Bitcoin Play by Metaplanet
On June 11th, Metaplanet, often dubbed “Asia’s MicroStrategy”, announced its latest Bitcoin acquisition. It paid around $1.59 million for 23.25 Bitcoin (BTC), bringing its total holdings to 141.07 Bitcoin. The latest investment means that Metaplanet has now pumped no less than $9.6 million into the prized asset.
Metaplanet’s BTC stack is at an average price of $65,365 per Bitcoin. So, going by current prices of $68,313, the firm already sits at a 4.5% gaining position regarding its investments thus far.
Meanwhile, investors have reacted positively to the news of the latest acquisition, sending Metaplanet’s stock price up 10.8% to $0.59. While the price has since settled around $0.57 on the Tokyo Stock Exchange, this early surge highlights the market’s confidence in Metaplanet’s Bitcoin strategy.
Notably, this isn’t Metaplanet’s first foray into the crypto world. Since unveiling its Bitcoin investment plan in April 2024, the company’s stock has surged nearly fivefold. Its first purchase of 97.85 Bitcoin in April was followed by a second acquisition of 19.87 Bitcoin in May. According to data from Bitcoin Treasuries, Metaplanet is the 30th largest corporate Bitcoin holder globally.
Company Aims to Further Expand Bitcoin Reserve
For what it’s worth, it appears that Metaplanet might be taking a cue from the playbook of MicroStrategy, the current leader in corporate Bitcoin ownership. At least, so does its aggressive strategy suggest. Moreover, Metaplanet has expressed plans to use “a wide range of capital market instruments” to further expand its Bitcoin reserves. The company aims to employ this strategy to stay above the concerning economic situation of Japan. That is especially true considering the overwhelming national debt and the Japanese Yen, which weakens day in and day out.
Metaplanet notes that the severity of Japan’s debt burden is reflected in the fact that the nation’s 261% debt-to-GDP ratio is the highest amongst developed countries. Furthermore, it also highlights how the Yen has depreciated by almost 35% against the US dollar since January 2021. Whereas Bitcoin has seen a remarkable 200% growth against the Yen in the past year. So, one might understand why Metaplanet will be keen to keep acquiring Bitcoin for now.
Although Metaplanet’s Bitcoin holdings are currently gaining attention, they remain a far distance from MicroStrategy’s massive 214,400 Bitcoin.
Currently, Metaplanet is only available on the Tokyo Stock Exchange, limiting access for US investors. However, the company is reportedly working towards expanding their reach.
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