Bitcoin

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On October 15, shares of Japanese investment firm Metaplanet soared by 15.7% following the announcement of its latest acquisition of nearly 107 Bitcoin (BTC). The company revealed that this recent purchase brings its total Bitcoin holdings to 855.5 BTC, worth approximately $56.1 million.
In a <a href="https://metaplanet.jp/wp-content/uploads/2024/10/Notice-of-Additional-Purchase-of-Bitcoin_October-15-2024.pdf" rel="noopener noreferrer nofollow">statement</a> released the same day, Metaplanet disclosed that it spent around $6.7 million (1 billion yen) to acquire 106.976 BTC, paying an average price of $62,520 per coin, which was about 5.8% lower than Bitcoin’s market price of $66,200 at the time.
This aggressive Bitcoin acquisition strategy has significantly influenced Metaplanet’s stock performance. The company’s stock was trading at 1,105 yen ($7.38) before the midday break on the Tokyo Stock Exchange, up 15.7% from its October 14 closing price. Since April, when Metaplanet first unveiled its Bitcoin investment strategy, the firm’s share price has surged by 480%, reflecting the market’s positive reception to its crypto-forward approach.
<h2 id="span-style-font-weight-400-metaplanet-mirrors-microstrategy-span">Metaplanet Mirrors MicroStrategy</h2>
The recent purchase is part of a <a href="https://thecoinrise.com/metaplanet-expands-bitcoin-holdings-with-6-7m-purchase/" rel="noopener noreferrer nofollow">broader BTC acquisition spree by Metaplanet</a>, which has more than doubled its Bitcoin holdings this month alone. On October 11, the company bought 109 BTC, followed by an additional 108.8 BTC on October 7. Earlier in the month, it also <a href="https://bitcointreasuries.net/entities/metaplanet" rel="noopener noreferrer nofollow">acquired</a> 132 BTC in two separate transactions on October 1 and 3. With Bitcoin’s price rallying over 9% to $65,500 between October 11 and October 15, Metaplanet’s investments appear to be paying off.
Simon Gerovich, CEO of Metaplanet, has openly admitted that his firm’s Bitcoin strategy draws inspiration from MicroStrategy, led by executive chairman Michael Saylor. MicroStrategy currently holds over 252,000 BTC, valued at $16.45 billion, and is known for its aggressive Bitcoin accumulation.
<h2 id="span-style-font-weight-400-massive-btc-accumulation-span">Massive BTC Accumulation</h2>
Following in these footsteps, <a href="https://thecoinrise.com/metaplanet-reveals-latest-plan-to-increase-its-bitcoin-holdings/" rel="noopener noreferrer nofollow">Metaplanet has committed to using various</a> capital market instruments to bolster its Bitcoin reserves. This included securing a $6.8 million loan from a shareholder in August to facilitate further purchases.&nbsp;
Metaplanet’s Bitcoin investment strategy has positioned the firm among the largest public holders of Bitcoin, ranking 23rd according to Bitcoin Treasuries data. With its total Bitcoin holdings valued at over $56 million, the firm has managed to stay ahead in a highly competitive space.
The post <a href="https://thecoinrise.com/metaplanet-stock-surges-after-latest-bitcoin-purchase-shopping-107-btc/" rel="noopener noreferrer nofollow">Metaplanet Stock Surges After Latest Bitcoin Purchase, Shopping 107 BTC</a> appeared first on <a href="https://thecoinrise.com/" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

Metaplanet Stock Surges After Latest Bitcoin Purchase, Shopping 107 BTC

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