Japan’s Metaplanet’s 6.7M Bitcoin Buy Fuels 500% Stock Rise
Qadir AK7 Oct 20241 min read
Metaplanet Inc. (Tokyo: 3350), a well-established Japanese company in the hotel asset management industry, announced today that it has acquired an additional 108.786 Bitcoins, worth about $6.7 million. The purchase was made at an average price of $61,900 per Bitcoin. This brings Metaplanet’s total Bitcoin holdings to 639.503 Bitcoins, now valued at approximately $40.5 million.
But why are they venturing into the wild world of crypto? The answers may surprise you.
According to Simon Gerovich, the CEO of the 25-year-old company, the company is working with other companies to ensure a seamless Bitcoin strategy in the long haul. For instance, Metaplanet has been working with Hoseki, a startup that enables investors to provide proof of funds.
Stock Price Surges on Bitcoin Investment
Metaplanet’s focus on Bitcoin has driven an impressive rise in its stock price this year. Shares have jumped by nearly 500% year-to-date. After the announcement of its latest Bitcoin purchase, the stock surged another 13% in just 24 hours, reaching ¥1,042. This pushed the company’s market valuation to over $107 million, with further gains expected as Bitcoin’s bull run continues.
Bitcoin is increasingly seen as a global digital asset, often compared to gold. In the U.S., Spot Bitcoin ETFs have gathered over $60 billion in assets under management in just a few months, reflecting its growing appeal.
As reported earlier by Coinpedia, MicroStrategy, another major Bitcoin adopter, holds more than 252,220 Bitcoins—over 1% of the total Bitcoin supply.
What’s next for Metaplanet’s Bitcoin strategy? Stay tuned.
