Metaplanet Acquires 124 BTC, Stock Price Spikes by 14%

Japanese firm Metaplanet has taken another significant step in expanding its Bitcoin holdings and solidifying its position in the cryptocurrency ecosystem. On Tuesday, the firm bought about 124,117 Bitcoin as part of its strategy to enhance shareholder value. This latest purchase has pushed the firm’s stocks up by 14%.

On Tuesday, the official X handle of the firm released press statements about the BTC purchase. With the acquisition, the average purchase price of BTC is 14,099,600¥ per Bitcoin. At the time of writing, Metaplanet’s total BTC holdings were 1.142,287, while its aggregate purchase price was 11.372B yen. Also, the average purchase price is 9,955,874 yen per BTC. 

Further, the BTC Yield played a pivotal role in the development of the firm. From July 1, 2024, till September 30, the BTC Yield was about 41.7%. But from October 1 to November 19, it surged by 186.9%. By increasing its stance on Bitcoin holdings, Metaplanet has become one of the biggest direct corporate owners of Bitcoin in Asia.

Earlier, the Tokyo-based firm announced $11.3 million (¥1.75 billion) bond issuance for procuring more Bitcoin. It announced its proposal to raise funds through Guaranteed ordinary bonds. Further, these bonds will possess an annual interest rate of 0.36% and will mature next year in November. 

After the takeover, Metaplanet’s stock went up way past the critical resistance and began an upward move in what looks like a bull run, following Bitcoin’s $90K hit. This will let the firm hedge their bets with Bitcoin as an instrument to address or hedge against particular circumstances, such as inflation or geopolitics. The firm has declared that its Bitcoin approach is to strengthen its financial status during an economic crisis​.

Notably, Metaplanet has partnered with Hoseki, a Bitcoin verification solution provider. It will undertake external checks on its Bitcoin balance, maintaining transparency of funds. This activity will instill more confidence for investors and stakeholders​.

The move of Metaplanet is triggered by MicroStrategy’s ($MSTR) plan to expand its BTC holdings. Releasing an official statement on Monday, the CEO, Michael Saylor, indicated that the firm would soon acquire more Bitcoin by providing senior convertible notes. 

Saylor stated that he would raise about $1.75 billion through the notes. He added that they are zero-coupon convertibles and don’t carry an annual interest rate. Further, he stated that by the end of 2029, the notes would become stocks for the firm and would be offered at a discount.