Metaplanet Buys 107 Bitcoin, Stock Jumps by Nearly 16%

Metaplanet, the Japanese investment firm, saw its stock shoot up by 15.7% on October 15 after announcing its latest Bitcoin purchase of nearly 107 BTC. This new buy brings Metaplanet’s total BTC stash to 855.5, now worth over $56.1 million.

In the announcement, the company said it used about 1 billion yen (around $6.7 million) to buy 106.976 Bitcoin at an average price of $62,520 per coin. This was roughly 5.8% below the market price of $66,200 at the time.

*Metaplanet purchases additional 106.97 $BTC* pic.twitter.com/o8QOiQc5NL

— Metaplanet Inc. (@Metaplanet_JP) October 15, 2024

By midday on October 15, Metaplanet’s shares (TYO: 3350) were trading at 1,105 yen ($7.38), a notable 15.7% uprise from the previous day’s close, per Google Finance data. The company’s stock has seen an incredible jump of 480% since it first revealed its BTC strategy back in April 2024.

Metaplanet’s change in share price over the last five days. Source: Google Finance

So far, Metaplanet has spent around $53.2 million to build up its Bitcoin reserves. And it’s paid off — the firm is up 5.4% on its investment as of writing. This latest purchase is part of a buying spree that’s seen the company more than double its BTC holdings in October alone. Just this month, Metaplanet snapped up 109 BTC on October 11 and another 108.8 BTC on October 7. Earlier in the month, the firm also bought 132 BTC in two batches on October 1 and 3, Bitcoin Treasuries revealed.

*Metaplanet purchases additional 108.78 $BTC* pic.twitter.com/Pz2AHupm1T

— Metaplanet Inc. (@Metaplanet_JP) October 7, 2024

*Metaplanet purchases additional 107.91 $BTC* pic.twitter.com/pPrRBGrJsC

— Metaplanet Inc. (@Metaplanet_JP) October 1, 2024

A Bright Picture 

The company’s decision to make BTC its primary reserve asset was in May 2024, and it’s been a turning point. Metaplanet’s stock has soared by a massive 532% since the start of this year.

CEO Simon Gerovich has made no secret of where the company’s inspiration comes from — he’s been following in the footsteps of MicroStrategy, the U.S. firm led by Michael Saylor, which has famously piled into Bitcoin. MicroStrategy now holds more than 252,000 Bitcoin, worth around $16.45 billion. 

Pleased to announce our collaboration with SBI Group company @sbivc_official for Bitcoin trading and custody

Japanese: https://t.co/BhsdwnU2Qk

English: https://t.co/2OUiTbMfna https://t.co/swCyOX34bP

— Simon Gerovich (@gerovich) September 2, 2024

Metaplanet, like MicroStrategy, plans to use various capital market tools to keep its Bitcoin reserves growing. In fact, the firm took out a $6.8 million loan from one of its shareholders in August just to buy more Bitcoin.
Today, Metaplanet holds the 23rd largest amount of Bitcoin among public companies, according to Bitcoin Treasuries. Meanwhile, Bitcoin itself has been on a tear, rising over 9% to $65,500 between Metaplanet’s latest buys on October 11 and October 15, as shown by CoinGecko data.