Metaplanet Inc. (3350:Tokyo) Acquires More Bitcoin (BTC) Worth ¥1.6 Billion, Now Holds Over $66 Million in BTC
- DDDOriginal
- 2024-10-28 15:24:151023browse
After completing major fundraising through stock sales last week, Metaplanet Inc. (Tokyo: 3350) announced earlier today the acquisition of more Bitcoin (BTC).
Metaplanet Inc. (Tokyo: 3350) announced earlier today the acquisition of more Bitcoin (BTC) following a major fundraising through stock sales last week.
According to the announcement, Metaplanet purchased a total of 156.78 BTC from the secondary market, at an average price of around ¥10.2 million per coin, for a total value of ¥1.6 billion.
As a result, Metaplanet now holds a total of 1,018.17 Bitcoins, valued at more than ¥9.6 billion, which is equivalent to over $66 million. According to the company’s CEO Simon Gerovich, this makes Metaplanet one of the largest Bitcoin holders in Asia, and has significantly strengthened its stock market.
Impact on Metaplanet’s Stock Market
Last week, Metaplanet raised over $67 million through a stock sale to bolster its Bitcoin strategy. Notably, its stock market has rallied over 6.9 percent in the past 24 hours to trade around ¥1,147 on Monday during the early Asian session.
Furthermore, the company announced that it has adopted the BTC Yield as a key performance indicator. Whereby the company gets to measure the percentage change in the ratio of total Bitcoin holdings to its fully diluted shares outstanding over a given period.
*Metaplanet purchases additional 156.78 $BTC* pic.twitter.com/4zl2LhXvO6
Broader Outlook for Bitcoin
The notable adoption of Bitcoin by institutional investors has bolstered its macro-bullish outlook. MicroStrategy Inc.’s (NASDAQ: MSTR) success rate has inspired many other institutional investors to adopt the Bitcoin plan.
For instance, tech giant Microsoft, with a valuation of over $3 trillion, is expected to hold a shareholders vote before the end of this year to decide if a Bitcoin investment is worth the risk.
Additionally, BlackRock, with assets under management of over $10 trillion, has acquired Bitcoins worth over $26 billion in the past few months since the approval of the spot BTC ETFs in the United States.
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