Bitcoin

Arkham

Japan’s investment firm Metaplanet has increased its Bitcoin (BTC) holdings to over 1,000.
This follows a recent purchase of 156.7 BTC for approximately 1.6 billion yen, or about $10.4 million.
<h2 id="metaplanet-shares-surge-7-18-following-purchase">Metaplanet Shares Surge 7.18% Following Purchase</h2>
The acquisition, announced on Monday in an X <a href="https://x.com/Metaplanet_JP/status/1850735760934125968" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">post</a>, brings Metaplanet’s total Bitcoin reserves to 1,018 BTC, valued at an estimated $68.8 million. From July 1 to September 30, the firm also reported a BTC yield of 41.7%, which accelerated to 155.8% between October 1 and October 28.
According to <a href="https://platform.arkhamintelligence.com/explorer/entity/metaplanet-2" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">data</a> from Arkham Intelligence, Metaplanet’s Bitcoin investment is showing impressive returns, boasting an unrealized gain of over $6 million due to the recent increase in the cryptocurrency’s price.
Investors have responded positively to the news, with the company’s shares rising 7.18% to 1,150 yen. According to Google Finance <a href="https://www.google.com/finance/quote/3350:TYO?hl=en&amp;window=1M" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">data</a>, it marks a 16.04% increase in the last month and a 618.75% year-to-date gain.
The firm’s CEO, Simon Gerovich, spoke at the Bitcoin 2024 conference in July, revealing that the decision to invest in the cryptocurrency came at a crucial time. Facing a challenging balance sheet and significant debt, the company saw Bitcoin as a means to stabilize and improve its financial standing.
It first <a href="https://cryptopotato.com/japans-metaplanet-stock-skyrockets-158-after-adopting-bitcoin-strategy/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">entered</a> the Bitcoin market in May, driven by the need for a hedge against economic volatility. Inspired by MicroStrategy’s approach, Metaplanet has steadily increased its holdings, making several purchases over the past few months.
<h2 id="bitcoin-buying-spree">Bitcoin Buying Spree</h2>
In June, the outfit <a href="https://cryptopotato.com/metaplanets-stock-surges-by-10-after-third-btc-purchase/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">acquired</a> 23.351 BTC for roughly $1.6 million, followed by 42.4 BTC for $2.4 million, bringing its holdings to 203.7 BTC. Subsequent buys included a purchase of 57.273 BTC for $3.4 million, and another one earlier this month where the investment company <a href="https://cryptopotato.com/metaplanets-bitcoin-stash-reaches-40-6-million-after-latest-purchase/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">added </a>106.976 BTC worth approximately $6.6 million to its reserves.
To support these acquisitions, Metaplanet has occasionally resorted to using external finances, including a 1 billion yen loan, translating to around $6.8 million, from MMXX Ventures, one of its shareholders.
The firm has also conducted 11 rounds of stock acquisition rights, the latest of which concluded on October 23. This offering <a href="https://cryptopotato.com/btc-holder-metaplanet-raises-66m-through-stock-acquisition-rights-exercise/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">raised</a> 10 billion yen, with 13,774 shareholders purchasing shares at a discounted price of 555 yen each.
The post <a href="https://cryptopotato.com/metaplanets-bitcoin-holdings-surpass-1000-btc-after-latest-purchase/" rel="noopener noreferrer nofollow">Metaplanet’s Bitcoin Holdings Surpass 1,000 BTC After Latest Purchase</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Metaplanet’s Bitcoin Holdings Surpass 1,000 BTC After Latest Purchase

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