Metaplanet Shares Surge 15.7% After $6.7 Million Bitcoin Purchase

Metaplanet's stock price skyrocketed by 15.7% afterit announced its latest Bitcoin acquisition. According to astatement, the Japanese investment firm bought nearly 107 Bitcoin. Following the latest purchase, Metaplanet nowowns 855.5 Bitcoin, worth over $56.1 million.

Metaplanet Doubles Bitcoin Holdings in October, Stock Soars 480% Since April

Metaplanet said it spent about $6.7 million (or billion yen) to buy 106.976 Bitcoin. It made the purchase at around $62,520 per Bitcoin, 5.8% lower than the asset's market price of $66,200 at the time of the announcement.

Following the announcement, Metaplanet's stock price reached 1,105 yen (about $7.38) before the Tokyo Stock Exchange's lunch break at 11:30 am local time. According to Google Finance data, this value marks a 15.7% increase from its closing price on October 14.

Since early April, Metaplanet's share price has increased by 480% after revealing its Bitcoin investment strategy. So far, the company has spent about $53.2 million to buy 855 Bitcoin, and its BTC investment is now up by 5.4 % in value.

This is Metaplanet's fifth Bitcoin purchase this month, increasing its total Bitcoin holdings by more than twice.

At the beginning of this month, Metaplanet made several strategic Bitcoin purchases, adding to its already growing portfolio. It bought 109 Bitcoin (BTC) on October 11 after buying 108,8 BTC a few days earlier on October 7. These two acquisitions alone contributed over 217 BTC to its reserves in less than a week.

However, Metaplanet's October buying spree did not start there. According to Bitcoin Treasuries data, Metaplanet added 132 Bitcoin token to its holdings in two separate transactions. The first occurred on October 1, and the second followed on October 3.

These early purchases set the tone for a month of aggressive Bitcoin accumulation as the company continues to deepen its investment in the leading cryptocurrency. They bring Metaplanet's total Bitcoin purchased in October to surpass 457 BTC.

These purchases indicate the company's robust confidence in Bitcoin's long-term value. Metaplanet now holds 855.5 Bitcoin assets, more than 400 BTC it previously owned before October began. Hence, the firm has positioned itself as one of the most aggressive Bitcoin buyers in the market.

Metaplanet Secures 23rd Largest Bitcoin Holdings, Drawing Inspiration from MicroStrategy's Success

According to CoinGecko data, Bitcoin's price jumped by over 9%, reaching $65,500 between Metaplanet's October 11 Bitcoin purchase and today.

Metaplanet's CEO, Simon Gerovich, said MicroStrategy inspires his company's Bitcoin strategy. Gerovich sees MicroStrategy's success as a model for Metaplanet's investment in Bitcoin.

Besides, MicroStrategy's executive chairman, Michael Saylor, has been critical in the crypto industry. Under his leadership, MicroStrategy holds over 252,000 Bitcoins, worth over $16.45 billion.

In May, Metaplanetannounced that it would use various financial tools to grow its Bitcoin reserves.For instance, in August, Metaplanet took out a $6.8 million loan from one of its shareholders to buy more Bitcoin.

According to Bitcoin Treasuries, Metaplanet currently holds the 23rd amount of Bitcoin among public companies.

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