Japanese publicly-traded company, Metaplanet has continued its Bitcoin buying spree, securing over 108 BTC in the early Asian trading hours today. The recent purchase comes amid a notable uptick in the asset’s price and the global crypto market.
Metaplanet’s Bitcoin purchase aligns with its broader strategy of holding BTC long-term, using the flagship cryptocurrency as a hedge against the diminishing Japanese yen. Meanwhile, the company is working closely with other companies to ensure a seamless acquisition strategy as it positions itself as one of the top corporate holders of Bitcoin globally.
Metaplanet Increases Bitcoin Holdings
In a post on X (formerly Twitter), the Microstrategy-like company disclosed that it had spent 1 billion yen, equivalent to $6.7 million, to purchase exactly 108.78 BTC. The company added that it purchased each coin at an average price of 9,192,359 yen, or $61,877.
Source: Metaplanet/X
Interestingly, this comes shortly after their last BTC purchase on October 3. At the time, Metaplanet grabbed 23.9 BTC, at an average price of 8.95 million yen (worth $60,249) after selling Bitcoin Put Options.
Consequently, Metaplanet now has a total of 639.503 BTC, valued at 5.965 billion yen (or $40.144 million). The holdings were purchased at an average price of 9,326,856 yen (or $62,800). With these aggressive purchases, Metaplanet positions itself as the second top Bitcoin corporate holder in Japan after NEXON Co Ltd.
Metaplanet’s steady Bitcoin purchase has been likened to that of the American business intelligence public company, Microstrategy which employs a similar strategy in accumulating Bitcoin for the long-term. Microstrategy positions as the world’s-largest Bitcoin corporate holder with over 252,000 BTC in its coffers.
Metaplanet’s Stock Price Rockets by 11%
Meanwhile, Metaplanet’s (TYO: 3350) stock price has ballooned significantly since it turned to Bitcoin as a store of value. According to data from Google Finance, Metaplanet has seen a 500% YTD (year-to-date) increase in its stock price.
Following the recent purchase announcement, its stock price jumped by 11% to trade at ¥1,045. However, at the time of writing, the price retraced and is now changing hands at ¥1,006.00, per Google Finance data.
Source: Google Finance
The growth in stock price triggered a surge in its valuation to 36.95 billion yen, equivalent to $248.87 million. With the expected bullish market in October, this value is expected to increase as Metaplanet will likely continue to add more Bitcoins to its portfolio.
At the time of writing, Bitcoin traded at $63,365, representing a 2.28% increase in the last 24 hours.
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