Metaplanet Inc. Doubles Down on Bitcoin Strategy, Now Holds 639 BTC Worth $40.5M-web3.0-php.cn

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Metaplanet Inc. Doubles Down on Bitcoin Strategy, Now Holds 639 BTC Worth $40.5M

Susan Sarandon

Oct 07, 2024 pm 03:56 PM

BitcoinMetaplanet Stock Surge

Metaplanet Inc. (Tokyo:3350), a Japanese long-standing company that deals with hotel asset management and operations, announced earlier today that it had acquired an additional 108.786 Bitcoins, for about $6.7 million at an average price of around 61.9k.

Metaplanet Inc. Doubles Down on Bitcoin Strategy, Now Holds 639 BTC Worth .5M

Japanese hotel asset management and operations company Metaplanet Inc. (TYO:3350) announced on Monday that it had acquired an additional 108.786 Bitcoins, for about $6.7 million at an average price of around 61.9k. As a result, the company now holds a total of 639.503 Bitcoins, valued at approximately $40.5 million.

According to Simon Gerovich, the CEO of the 25-year-old company, Metaplanet is working with other companies to ensure a seamless Bitcoin strategy in the long haul. For instance, the company has been working with Hoseki, a startup that enables investors to provide proof of funds.

.@Metaplanet_JP has purchased an additional 108.786 #bitcoin for ¥1 billion at an average price of ¥9,192,359 per $BTC. As of October 7, Metaplanet holds ~639.503 bitcoin acquired for ¥5.965 billion at an average price of ¥9,326,856 per $BTC. #メタプラネット pic.twitter.com/1drY3HO77l

Bitcoin Strategy and Impact on Metaplanet Stock Market

The adoption of the Bitcoin strategy has been a game changer for Metaplanet’s stock market performance year-to-date. According to the latest market data, Metaplanet’s shares rose by about 500% YTD.

In the past 24 hours, the company’s stock market rallied over 13% to trade at about ¥1,042, following the announcement of an additional Bitcoin acquisition. As a result, the company’s valuation now stands at over $107 million and is set to rally further amidst the ongoing macro Bitcoin’s bull run.

Moreover, Bitcoin is being recognised as a global asset that is rapidly digitising the gold market and outpacing other asset classes. For example, the U.S. Spot Bitcoin ETFs have garnered over $60 billion in assets under management (AUM) in the past few months of operation.

As reported by Coinpedia earlier, MicroStrategy has remained committed to its Bitcoin strategy and currently holds over 252,220 BTCs, which amounts to more than 1% of the total supply.

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