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Metaplanet’s Stock up 10% After Announcing It Bought 23.35k BTC

Metaplanet has become the 30th largest holder of Bitcoin.

bitcoin and crypto coins in a shopping cart

Japanese-based Metaplanet dollar cost averaged (DCAed) on its Bitcoin portfolio, announcing it had purchased 23,350 BTC worth 250 million yen ($1.59 million) on Tuesday. The purchase meant the investment firm had bought Bitcoin for the third time in less than two months.

Following the announcement, Metaplanet’s stock surged 10%. Its stock opened at 83 JPY and traded at 89 JPY at press time. Metaplanet’s stock last traded this high on May 22.

With the 23.35k BTC purchase, Metaplanet has 141,070 BTC in its portfolio. It acquired it at an average price of $65,365 (10.27 million yen). At the current price of $67,000, the investment firm’s portfolio is already gaining over 3%.

Asian MicroStrategy

According to Bitcoin Treasuries, Metaplanet bought its first Bitcoin on April 23, followed by another purchase on May 10. Three days later, it announced it had adopted the MicroStrategy-originated treasury strategy.

Just a few weeks after its first purchase, Metaplanet has become the 30th largest holder of Bitcoin. However, it is still far from MicroStrategy, which owns more than 1% of Bitcoin’s supply.

Following MicroStrategy’s footsteps, Metaplanet offers strategic partnerships to drive Bitcoin’s global adoption.

“Metaplanet Inc. offers specialized consulting services to assist businesses in adopting Bitcoin. The company provides strategic guidance to maximize potential within existing corporate frameworks as well as overseeing wholesale corporate reorganizations. From developing strategies to facilitating integration, Metaplant empowers organizations to embrace Bitcoin as a fundamental pillar underlying their future,” Metaplanet’s website says.

Global Adoption

Since Metaplanet announced it was adopting Bitcoin as its primary treasury, two more publicly traded companies have followed suit. Healthcare film Selmer Scientific announced on May 28 that it followed in MicroStrategy’s footsteps and bought $40 million worth of Bitcoin.

On June 10, DeFi Technology announced that it was also safeguarding its reserve by saving it in Bitcoin, a move that saw its stock surge over 15%. Currently, public companies hold over 300,000 bitcoins, valued at over $20 billion.

Elendu Benedict

Elendu Benedict is a professional writer with sheer competence in crypto-related journalism. With a background in Engineering, Benedict specialises on news related to ETFs, market analysis, and macroeconomic policies that affects the crypto market.