- The company’s strategy to increase its Bitcoin holdings has been proven beneficial for the company as it comes between a fresh crypto rally in 2024.
- Regardless of whether the platform has shown significant growth in Bitcoin holdings, the company has listed a net loss of around $2.1 million between the beginning of this year and September’s end.
- The company has also secured more than $26.7 million by stock issuance along with bond offerings in 2024.
On November 11, Metaplanet, an early-stage investment firm revealed that a $28 million surge in the Bitcoin holdings of the platform has been witnessed. The surge is since the day the platform started to buy up the asset, crossing the overall market capitalization of the company at the beginning of 2024.
The Q3 financial report of the company reveals that after the end of September, Megaplanet has almost multiplied its Bitcoin holdings twice. In the start, it was about 492.83 BTC which went to 1,018.17 BTC by the middle of November 2023.
The company’s strategy to increase its Bitcoin holdings has been proven beneficial for the company as it comes between a fresh crypto rally in 2024. Recently, Bitcoin has also witnessed a surge of about 105% in 2024 and is currently trading at $87,000.
If we see the reports of only October, the company has bought more than 156 BTC which is estimated around $10 million. This event has drawn the collective investment in BTC to around $64 million.
The Asia’s MicroStrategy and the company’s new metric
The “Asia’s MicroStrategy” of the platform is looking over Bitcoin options trading to make premium income by using either cash or Bitcoin as collateral. The company also seeks to increase its operational income as well as the expansion of its holdings.
In October 2024, Metaplanet also acquired a metric whose functionality is similar to that of the BTC Yield of the platform. The metric will be used as an official Key Performance Indicator (KPI) to measure how the purchase of Bitcoin will leave its impact on shareholder returns.
Metaplanet has also issued a report in which it has mentioned that “we are focusing on to carry on growing our Bitcoin holdings by capital market activities and operational income as considered suitable.
Losses registered by the company
The report further went on to state that regardless of whether the platform has shown significant growth in Bitcoin holdings, the company has listed a net loss of around $2.1 million between the beginning of this year and September’s end. Apart from this, it has also witnessed an improvement loss of around $2.7 in that same time frame in 2023.
Talking about the gains, the revenue has witnessed a growth of about 46.3% year-over-year to $1.7 million. This growth is mainly due to the company’s hotel business as well as digital asset ventures.
The company has also secured more than $26.7 million by stock issuance along with bond offerings in 2024, as listed by the company in its financial statements.
