Japan’s Metaplanet shares jump 15% after adding 124 BTC to treasury
Quick Take
- The Tokyo-listed firm said today that it purchased an additional 124.1 BTC ($11.3 million), increasing its total holdings to 1,142.2 BTC.
- Its stock closed up 15.1% on Tuesday in Japan.
Shares of Japanese investment firm Metaplanet Inc. rose 15.1% on Tuesday after the company announced the purchase of an additional 124.1 BTC ($11.3 million).
Earlier today, the Tokyo-listed firm said that it purchased another 124.1 BTC at an average price of nearly 14.1 million yen ($91,266) per bitcoin. This raised its total holdings to 1,142.2 bitcoin ($104.8 million).
Metaplanet’s stock closed up 15.1% at 2,295 yen on Tuesday in Japan, with its daily turnover reaching 21.9 billion yen ($141.7 million), according to data from Futu. Its stock price has risen 1,334% year-to-date. The Nikkei 225 index gained 0.5% today.
“Metaplanet ranked [29th] out of 4,000 listed companies in Japan by trading value, surpassing much larger market peers such as Itochu and NTT,” Simon Gerovich, CEO of Metaplanet, wrote on X today.
The company has been on a bitcoin buying spree in recent months following its May announcement to adopt bitcoin as a strategic treasury reserve asset. It noted in the Tuesday disclosure that the company’s BTC yield reached 186.9% from Oct. 1 to Nov. 19 this year.
On Monday, the company also announced the issuance of one-year ordinary bonds totaling 1.75 billion yen ($11.3 million), with the funds intended for purchasing bitcoin. The redemption date is set for Nov. 17, 2025.
Meanwhile, MicroStrategy remains the largest public corporate bitcoin holder, owning 331,200 BTC, according to data from BitcoinTreasuries. On Monday, MicroStrategy acquired an additional 51,780 BTC, its largest set of acquisitions to date. Wall Street giants were also loading up on its shares.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
