Cryptocurrency

Bitcoin

Million

A big winner today was Metaplanet (3350.T), a principal player in the tech and financial investment business, the stock of which soared by more than 15 per cent after the company announced it has bought up a huge pile of Bitcoin. According to the company today, it has acquired more than 106 Bitcoin, a move that has thrilled investors and pushed the stock upward in Asian markets. 
Metaplanet’s stock had rallied to 1,105 JPY from its previous close of 955 JPY, <a href="https://finance.yahoo.com/quote/3350.T/" rel="nofollow noopener" target="_blank">Yahoo Finance reports</a>.&nbsp;The stock price rally is an indication of a trustful market in the company’s&nbsp;strategic hoarding&nbsp;of cryptocurrency assets, which has become a trend among&nbsp;forward-minded companies to widen the balance sheet. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-50380 size-full" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/10/btc1.jpg" alt="Metaplanet Approaches 1,000 Bitcoin Goal, Stock Rises Over 15% " width="1280" height="720" title="Metaplanet Approaches 1,000 Bitcoin Goal, Stock Rises Over 15% 31"> 
<h2 id="span-style-font-weight-400-metaplanet-s-bitcoin-holdings-surpass-855-btc-worth-56-million-span">Metaplanet’s Bitcoin Holdings Surpass 855 BTC, Worth $56 Million</h2> 
This acquisition takes the total Bitcoin holdings past 855 BTC, now valued at around $56 million. Bitcoin’s price is hovering around $65,700 at the moment; and at that dollar rate, its average price in BTC on Metaplanet is around $62,200, far below the current market rate. Even so, the company has been acquiring Bitcoin steadily, making four deals this month alone. 
The latest purchase was Metaplanet’s buy of BTC a third time in October after buying it on October 1, 7, and 10. That aggressive accumulation strategy signals Metaplanet’s belief in Bitcoin’s long-term value proposition, and the company is not thinking of selling anytime soon. 
The aim, said Metaplanet’s CEO Simon Gerovich in a press release, is to hold at least 1,000 BTC. “We want to paint ourselves as one of the main corporate actors in the cryptocurrency space, which is built from long-term growth and stability. Indeed, we think Bitcoin offers a strong hedge against typical market volatility,” Gerovich said. 
The total 855 BTC in Metaplanet’s control is still 145 BTC away from the target and hinted that more acquisitions might be on the way. Our focus continues to be disciplined accumulation and strategic timing. We’re very close to our goal and we’re closely monitoring the market for any additional opportunities. 
<h2 id="span-style-font-weight-400-metaplanet-now-ranks-17th-largest-bitcoin-holding-company-span">Metaplanet Now Ranks 17th Largest Bitcoin Holding Company</h2> 
Metaplanet’s decision to increase its BTC reserves has landed it on the list of the biggest public companies holding the cryptocurrency. Bitcoin Treasuries, a platform tracking corporate Bitcoin holdings, shows that Metaplanet has moved from the 36th largest public company currently holding BTC to rank the 17th largest as of now. 
However, that leaves the company in touching distance of overtaking Hong Kong-based Meitu, which currently holds 940 BTC. At Metaplanet’s current rate of acquisitions, it can grow to become the biggest Bitcoin holder among Asian public companies in a short while. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-50384 size-full" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/10/mb.jpg" alt="Metaplanet Approaches 1,000 Bitcoin Goal, Stock Rises Over 15% " width="1200" height="630" title="Metaplanet Approaches 1,000 Bitcoin Goal, Stock Rises Over 15% 32"> 
Analysts have pointed out that this is part of a general trend from companies that want to diversify their reserves into Bitcoin. Cryptocurrency has become known as digital gold and is attracting companies in search of an alternative to cash and other conventional assets. The recent stability and rise in Bitcoin’s price have encouraged firms like Metaplanet to bolster their reserves, said Hiroshi Takada, financial analyst at Kanto Investment Group. 
The rising stock in Metaplanet’s is an indication that investors are accepting the company’s aggressive strategy in BTC purchase. Takada said, such a surge is how the market will validate BTC’s growing place in corporate balance sheets and Metaplanet’s strong leadership. He added, this is a good move by Metaplanet to acquire Bitcoin below the current market price, which only reinforces confidence in their own long-term financial plan. 
<h2 id="span-style-font-weight-400-conclusion-span">Conclusion</h2> 
Metaplanet has gotten richer with this latest acquisition, not only boosting Bitcoin reserves, but also bolstering investors’ confidence, causing stock price to rally sharply. With the company nearing its goal of holding 1,000 BTC, market writers and investors are eager to see how Metaplanet’s involvement with cryptocurrency will positively influence the company’s growth and future market standing. 
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Metaplanet Approaches 1,000 Bitcoin Goal, Stock Rises Over 15%

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