Metaplanet continues to bet big on Bitcoin, further expanding its portfolio with an additional purchase on Monday.
Tokyo-based Metaplanet, often referred to as Japan’s MicroStrategy, has once again bolstered its Bitcoin BTC $94 018 24h volatility: 1.2% Market cap: $1.87 T Vol. 24h: $28.29 B portfolio, continuing its aggressive investment strategy despite turbulent market conditions. On Monday, October 7, the investment firm announced the acquisition of 108.786 BTC, worth approximately 1 billion yen ($6.7 million).
Despite ongoing market volatility, where over $123 million in leveraged positions were liquidated in just 24 hours, Metaplanet remains confident in Bitcoin’s long-term potential. The company’s strategy mirrors that of MicroStrategy, whose CEO Michael Saylor has been a vocal advocate for adopting BTC as a corporate reserve asset.
Metaplanet’s Bitcoin Holdings Now Stands at $40M
According to the announcement, Metaplanet’s recent Bitcoin purchase was made at an average price of 9.19 million yen ($61,880) per BTC. With this latest acquisition, Metaplanet’s total Bitcoin holdings have swelled to 639.503 BTC, valued at approximately 6 billion yen ($40.6 million). These purchases have come at an average price of 9.32 million yen ($62,789) per BTC.
The Asian company first made headlines in May 2024 when it officially embraced Bitcoin as its primary treasury reserve asset, taking a page from MicroStrategy’s playbook. The move is part of the company’s efforts to use the king coin to hedge against the falling Japanese yen.
Since then, the Tokyo-listed firm has been steadily increasing its Bitcoin holdings, making regular acquisitions regardless of market fluctuations.
The company’s previous BTC purchase took place just a week earlier, on October 1, when it bought 107.913 BTC for roughly 1 billion yen ($6.9 million). Its total Bitcoin portfolio was valued at $32.2 million at that time.
That same week, Metaplanet revealed it had earned 23.9 BTC ($1.4 million) in premium income by selling 223 Bitcoin put options to Singapore-based QCP Capital. The company noted that the transaction allowed it to capitalize on Bitcoin’s volatility while maintaining a fully cash-backed position.
Metaplanet’s Stock Rose Nearly 8%
Buoyed by the news of its recent Bitcoin purchase, Metaplanet’s stock surged nearly 8% on Monday morning, according to Google Finance. This marked a sharp reversal after five days of decline, during which the stock had lost up to 12% of its value before the sudden rebound.
The stock has seen a staggering 517.50% increase year-to-date, driven by the company’s decision to adopt Bitcoin as its corporate reserve asset. This surge has boosted Metaplanet’s valuation to 36.95 billion yen ($248.87 million). With a bullish market expected in October, analysts predict further growth as the company is likely to continue adding Bitcoin to its portfolio.
At the time of writing, Bitcoin was trading at $63,365, reflecting a 2.28% gain in the past 24 hours.
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