Japan’s Metaplanet reaps $581K profit from Bitcoin acquisitions Japan’s Metaplanet reaps $581K profit from Bitcoin acquisitions
Metaplanet has more than doubled its Bitcoin holdings this October by acuiring more than 450 BTC this month.
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Updated: Oct. 15, 2024 at 11:08 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Tokyo-listed investment firm Metaplanet continues its aggressive Bitcoin acquisition strategy, adding over 450 BTC to its holdings this month.
On Oct. 15, Metaplanet CEO Simon Gerovich announced the purchase of 106.976 BTC for 1 billion yen (approximately $6.7 million), paying an average of 9.3 million yen (around $62,520) for each coin.
This transaction is part of the firm’s ongoing accumulation plan, effectively doubling its Bitcoin holdings in October. On Oct. 1, Metaplanet bought 107.91 BTC for around $7 million. Shortly after, the company gained an additional 23.97 BTC premium by selling 233 BTC put options on Oct. 3.
Further acquisitions followed, including purchasing 108.786 BTC on Oct. 7 and another 108.999 BTC on Oct. 11, each costing approximately $6.7 million (1 billion yen).
As of Oct. 15, these purchases had boosted Metaplanet’s total Bitcoin holdings to 855.5 BTC, valued at over $56.1 million.
According to data from blockchain analytics firm Arkham Intelligence, the company’s Bitcoin holdings are currently generating a profit of around $581,000.
Over the past 24 hours, Bitcoin’s price has risen nearly 2%, reaching $65,654 at the time of writing. This marks a recovery from its recent dip to below $60,000 and continued trading at that range.
Meanwhile, Metaplanet’s Bitcoin acquisition strategy has also positively impacted its stock. Google Finance data shows the company’s stock price surged 15% to 1,107 yen as of press time. Year-to-date, Metaplanet’s stock has risen by approximately 500%.
Metaplanet adopted Bitcoin as a reserve asset in May to hedge against the volatility of the Japanese yen. It now holds the second-largest Bitcoin stash among Asia-listed companies, trailing only Hong Kong-based Meitu, which owns 941 BTC.
Globally, both companies follow US-based Michael Saylor-led MicroStrategy’s approach, which owns over $16 billion worth of the top crypto, making it the largest public holder of the digital asset, according to Bitcoin Treasuries data.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Metaplanet
Metaplanet Inc., a publicly traded company listed on the Tokyo Stock Exchange (3350), is a Japanese company that has undergone a strategic transformation to focus on Bitcoin.
MicroStrategy
MicroStrategy (Nasdaq: MSTR) is a worldwide leader in enterprise analytics and mobility software.
