Metaplanet's Bitcoin Holdings Surge to $69 Million, Stocks Soar 8%!
Decrypt•6 days ago•
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Metaplanet's Bitcoin Holdings Surge to $69 Million, Stocks Soar 8%!

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Summary:

  • Metaplanet's Bitcoin holdings exceed 1,000, reaching $69 million.

  • Company stocks rally 8% following the announcement.

  • 156 BTC acquired for approximately $10 million.

  • Metaplanet is dubbed "Asia's answer to MicroStrategy."

  • The firm has adopted the “BTC Yield” metric for shareholder transparency.

Metaplanet's Bitcoin Surge

Metaplanet’s total Bitcoin holdings have now surpassed 1,000 following its latest acquisition on Sunday, marking a significant milestone in its October spending spree in the world’s largest cryptocurrency.

The Tokyo-based firm has acquired just over 156 BTC for approximately $10 million, bringing its total holdings to 1,108 BTC, valued at $69 million.

Dubbed "Asia's answer to MicroStrategy," Metaplanet is positioning itself as the pioneer in the adoption of digital assets in Japan. The company began holding Bitcoin on its balance sheet in April, and its recent announcement has fueled an 8% rally in its stock during early Asian trading hours, with its share price trading at 1,139 JPY ($7.41), according to Google Finance.

Bitcoin Market Reaction

In conjunction with Metaplanet's announcement, Bitcoin experienced a slight 0.8% uptick, trading at $67,645, as per CoinGecko data.

This milestone follows several purchases made this month, totaling more than 600 BTC. The buying spree began on October 1, when Metaplanet added 107 BTC for 1 billion yen ($6.6 million) at an average price of $61,932 per Bitcoin. Subsequent purchases included 108 BTC for $6.7 million on October 7 and another 108 BTC for $6.5 million on October 11.

Following in the Footsteps of Giants

Last week, Metaplanet adopted a metric known as “BTC Yield,” modeled after Michael Saylor’s MicroStrategy, the world's largest corporate holder of Bitcoin. This metric aims to provide a more transparent way of assessing whether Bitcoin purchases enhance shareholder value, with October proving particularly bullish for the company.

While Metaplanet’s 1,018 BTC holdings still trail MicroStrategy’s 252,000 BTC, the Tokyo-listed company is steadily rising as a top contender globally in corporate Bitcoin adoption.

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