Metaplanet Acquires Additional 124 BTC as Stock Prices Skyrocket

Metaplanet has announced the purchase of 124.117 bitcoin for a total of 1.75 billion yen.

This brings the company’s total bitcoin holdings to 1,142.287 BTC, valued at around 11.372 billion yen (approximately $73 million).

Metaplanet’s Stock Surges 15%

According to a post on X, the new purchase was made at an average price of 14,099,600 yen per BTC. As of November 19, 2024, Metaplanet’s average acquisition cost per bitcoin now stands at 9,955,874 yen, or about $64,800.

Following the announcement, Google Finance data shows that the firm’s stock price surged by over 15%, reaching 2,295 yen, which is just under $15. The latest buy has also shot up the company’s quarterly-to-date (QTD) BTC yield to 186.9%, up from 41.7% in the previous quarter.

Since adopting bitcoin as a treasury reserve asset, Metaplanet has been actively growing its reserves through capital market activities and operational income. The company previously secured a 1 billion yen loan ($6.8 million) from one of its shareholders, MMXX Ventures.

Additionally, it has conducted 11 rounds of stock acquisition rights, with the latest, which raised 11 billion yen, closing on October 23. This offering saw 13,774 shareholders purchase shares at a discounted price of 555 yen ($3.61) each.

More recently, it announced a new debt issuance plan that involves selling one-year ordinary bonds worth 1.75 billion yen ($11.3 million) at an annual interest rate of 0.36%.

The proceeds from this bond issuance will be allocated solely to bitcoin acquisitions. It will mature on November 17, 2025, and be redeemed at its total face value of 100 yen per 100 yen denomination.

Previous Purchases

Metaplanet’s journey into bitcoin began in May 2024, when the company entered the cryptocurrency market as a strategy to hedge against economic volatility. Taking inspiration from MicroStrategy’s approach, the investment firm has steadily increased its bitcoin holdings.

Interestingly, the most recent purchase comes just one day after MicroStrategy announced its acquisition of 51,780 BTC for over $4.5 billion.

In June of this year, Metaplanet bought its first 23.35 BTC for about $1.6 million. The company followed this up with another 42.4 BTC for $2.4 million. By mid-year, its holdings had grown to 203.7 BTC.

Further buys throughout 2024 included 57.273 BTC worth $3.4 million in July and 106.976 BTC worth $6.6 million in early October. The most significant purchase came later in the same month when it added 156.7 BTC for $10.4 million, bringing its total holdings above 1,000 BTC for the first time.