Bitcoin

Shares in Metaplanet rallied 15.7% on Oct. 15 after the Japanese investment firm announced its latest purchase of almost 107 Bitcoin.
Metaplanet’s latest purchase brings its total stash to 855.5 Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) — worth more than $56.1 million — the firm said in an Oct. 15 <a data-ct-non-breakable="null" href="https://metaplanet.jp/wp-content/uploads/2024/10/Notice-of-Additional-Purchase-of-Bitcoin_October-15-2024.pdf" rel="null" target="null" text="null" title="null">statement</a>.
The firm said it spent almost $6.7 million (1 billion yen) to buy 106.976 BTC, paying around $62,520 per coin — 5.8% under Bitcoin’s market price of $66,200 at the time of Metaplanet’s announcement.
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 Details of Metaplanet’s latest Bitcoin purchase. Source: Metaplanet
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Metaplanet (TYO: 3350) traded at 1,105 yen ($7.38) before the Tokyo Stock Exchange broke for lunch at 11:30 am local time on Oct. 15, up 15.7% from its Oct. 14 close, Google Finance <a data-ct-non-breakable="null" href="https://www.google.com/finance/quote/3350:TYO" rel="null" target="null" text="null" title="null">data</a> shows. 
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 <img alt="Investments, MicroStrategy, Michael Saylor" src="https://s3.cointelegraph.com/uploads/2024-10/01928ec1-40e6-782a-b7fc-40480ea27b71" title="">
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 Metaplanet’s change in share price over the last five days. Source: Google Finance
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Its share price is up 480% since it unveiled its Bitcoin investment strategy in early April.
Metaplanet has now paid the equivalent of $53.2 million for the 855 Bitcoin it holds and is up 5.4% on its Bitcoin investment.
The latest Bitcoin buy follows four earlier purchases this month that have more than doubled Metaplanet’s Bitcoin holdings.
The firm bought 109 BTC on Oct. 11 and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/metaplanet-7-million-bitcoin-buy-holds-40-million" rel="null" target="null" text="null" title="null">108.8 Bitcoin</a> on Oct. 7.
Earlier this month, Metaplanet also purchased a combined 132 Bitcoin in two batches on Oct. 1 and 3, Bitcoin Treasuries <a data-ct-non-breakable="null" href="https://bitcointreasuries.net/entities/metaplanet" rel="null" target="null" text="null" title="null">data</a> shows.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/japanese-microstrategy-ripple-bank-partner-sbi" rel="null" target="null" text="null" title="null">Japanese Bitcoin investor Metaplanet works with Ripple’s partner SBI</a>
Bitcoin rallied over 9% to $65,500 between Metaplanet’s Bitcoin purchase on Oct. 11 and its buy today, CoinGecko <a data-ct-non-breakable="null" href="https://www.coingecko.com/en/coins/bitcoin" rel="null" target="null" text="null" title="null">data</a> shows.
Metaplanet CEO Simon Gerovich has admitted his company’s Bitcoin investment strategy is <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/metaplanet-semler-scientific-praise-microstrategy-bitcoin-strategy" rel="null" target="null" text="null" title="null">inspired by MicroStrategy</a> and its executive chairman Michael Saylor — whose firm currently holds over 252,000 Bitcoin worth $16.45 billion.
Gerovich’s firm said in May that it would adopt an “entire range of capital market instruments” to<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/microstrategy-buys-800m-bitcoin" rel="null" target="null" text="null" title="null"> bolster its Bitcoin reserves</a> — similar to MicroStrategy’s playbook.
It included taking out a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/metaplanet-secures-billion-yen-loan-to-buy-more-bitcoin" rel="null" target="null" text="null" title="null">$6.8 million loan</a> from one of its shareholders to buy more Bitcoin in August.
Metaplanet boasts the 23rd largest Bitcoin holdings among public companies, according to Bitcoin Treasuries.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/10-crypto-theories-that-missed-as-badly-as-peter-todd-is-satoshi/" rel="null" target="null" text="null" title="null">10 crypto theories that missed as badly as ‘Peter Todd is Satoshi’</a>

Metaplanet shares jump 16% after buying 107 Bitcoin

Cointelegraph

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