Metaplanet buys average of 34 BTC per day in October Bitcoin buying spree Metaplanet buys average of 34 BTC per day in October Bitcoin buying spree
Metaplanet aims for Bitcoin crown in Asia with additional ¥7.5 billion investment before the end of 2024.
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Updated: Oct. 7, 2024 at 10:59 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Tokyo-listed investment firm Metaplanet has expanded its Bitcoin holdings by acquiring an additional 108.786 BTC for ¥1 billion, equivalent to about $6.7 million, at an average price of $61,904 per Bitcoin, as disclosed in a statement on Oct. 7.
Since the beginning of this month, Metaplanet has been aggressively increasing its Bitcoin reserves. The firm has acquired around 130 BTC this month, following a 107.91 BTC acquisition on Oct. 1 and a 23.97 BTC premium earned on Oct. 3.
Its latest purchase amounts to an average of 34.3 BTC daily purchases throughout October.
Metaplanet now holds 639.503 BTC in total. According to its latest report, the company has spent ¥5.96 billion (roughly $40.1 million) on its Bitcoin acquisitions at an average cost of ¥9.32 million ($62,827) per BTC.
Following the news of its recent purchase, Metaplanet’s stock surged by around 11% to a peak of ¥1,047 per share (about $7), according to Google Finance.
This marks an impressive 517% increase in the company’s share price year-to-date, although it still sits 67% below its all-time high recorded in July.
¥7.5 billion BTC purchase incoming
Dylan LeClair, Metaplanet’s director of Bitcoin strategy, announced that the firm plans to acquire an additional ¥7.5 billion (around $50.5 million) worth of Bitcoin by the end of 2024. This is part of the ¥10 billion targeted through the issuance of stock acquisition rights.
In August, Metaplanet unveiled its intention to raise ¥10.08 billion (approximately $70 million) by offering its 11th series of stock acquisition rights to all common shareholders. The offer provides one stock acquisition right per share, with an option to buy shares at ¥555 (~$4) between Sept. 6 and Oct. 15.
LeClair confirmed that the company has already exercised some of these rights, contributing to its recent Bitcoin purchasing spree. The balance would be used to acquire the flagship digital asset before the end of this year.
Market analysts noted that this acquisition strategy aligns with Metaplanet’s goal of holding 1,000 BTC in total.
If successful, the firm will become Asia’s largest publicly traded Bitcoin holder, overtaking Hong Kong’s Meitu Inc., which holds 940.9 BTC, 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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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.
Dylan LeClair is the head of market research at Bitcoin Magazine and a senior research analyst at UTXO Management..