- Metaplanet’s stock surged over 15% after boosting its Bitcoin reserves to 855 BTC this October.
- Since adopting Bitcoin in April 2024, Metaplanet’s stock price has surged by over 500% this year.
- Metaplanet’s aggressive Bitcoin strategy targets 1,000 BTC, with no plans to sell its holdings soon.
Metaplanet has expanded its Bitcoin holdings, acquiring 106 BTC in its latest purchase. This brings the company’s total Bitcoin reserves to 855 BTC. The company’s Bitcoin strategy has sparked attention, especially in the stock market, which saw a rise in Metaplanet’s stock price following the announcement.
Metaplanet’s stock experienced a surge of more than 15% following the company’s announcement of its most recent Bitcoin acquisition. As reported by Yahoo Finance, the stock price increased from 955 JPY to 1,105 JPY. Metaplanet has completed four Bitcoin transactions in October, with the latest being on October 11.
Metaplanet’s total Bitcoin holdings, now worth around $56 million at current prices, position the company among the top holders of the cryptocurrency. The average purchase price of Bitcoin for the company is around $62,200, below the current market price of $65,700.Â
This accumulation is part of it’s strategy to safeguard against Japan’s rising debt and the declining value of the yen.
Company’s Strategic Approach to Bitcoin
Metaplanet first adopted Bitcoin as a strategic treasury asset in April 2024. Since then, the company has been steadily increasing its bitcoin holdings towards a target of 1,000 BTC.Â
Read CRYPTONEWSLAND on
google news
The company plans to continue to acquire more assets and is not planning on selling in the near future. The company is short of 145 BTC to reach its goal of 1,000 BTC.
Stock Value Triples in 2024
Since adopting Bitcoin, Metaplanet’s stock price has more than tripled, growing by over 500% in 2024 alone. This growth has solidified its position as a major player in both the tech and crypto markets. With its current holdings, the company ranks as the 17th largest public company holder of Bitcoin.Â
At this pace, the company is expected to surpass Meitu, which holds 940 BTC, and become the largest Bitcoin holder among public companies in Asia.
Crypto News Land, also abbreviated as “CNL”, is an independent media entity – we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
