Metaplanet Acquires 156.78 BTC in Latest Acquisition, Now Holds Over 1000 BTC

Publicly traded Japanese company Metaplanet has boosted its Bitcoin holdings to 1018.17 BTC following its latest acquisition. According to a recently disclosed filing, the firm bought 156.783 BTC acquired for an average amount of about $10.4 million.

*Metaplanet purchases additional 156.78 $BTC* pic.twitter.com/4zl2LhXvO6

— Metaplanet Inc. (@Metaplanet_JP) October 28, 2024

Metaplanet Boosts BTC Stash

Last week, Metaplanet raised about $66 million by issuing stock acquisition rights, a provision that allows investors to purchase a company’s shares at a predetermined value.

Although the investment firm did not explicitly state that the raised cash would be funneled into its BTC stash, it was widely speculated that this could occur. Fast-forward to this week, and the Japanese company has boosted its BTC holdings above 1000 BTC, likely using funds from the stock acquisition rights issuance.

It is worth noting that the latest acquisition is Metaplanet’s fourth big BTC buy this month. On October 1st, the firm purchased over 107.9 BTC. Then, on October 7th and 11th, the company acquired nearly the same value worth of BTC, worth over $6.7 million.

Since embracing BTC as a reserve asset for its treasury, the publicly traded firm has earned the title “Asian MicroStrategy.” This is because it acquires BTC in the same fashion as the American business intelligence firm MicroStrategy, which began purchasing the leading cryptocurrency in 2020. Under the leadership of its executive chairman and co-founder, Michael Saylor, MicroStrategy aims to become the world’s leading Bitcoin bank.

Metaplanet’s Stock Jumps 8%

Following news of Metaplanet’s BTC acquisition, its stock price rose to $7.5, representing a decent 7.18% increase within the past 24 hours.

Investors are likely optimistic that Metaplanet’s stock will unlock incredible price gains over time, just like MicroStrategy’s stock, MSTR, did recently. On October 25th, MSTR reached a 25-year high of over $236.

Meanwhile, BTC’s value was over $68,400 at the time of writing, indicating investors’ interest in the digital asset.