Metaplanet Acquires Additional 124 BTC as Stock Prices Skyrocket

Metaplanet has introduced the acquisition of 124.117 bitcoin for a complete of 1.75 billion yen.

This brings the corporate’s complete bitcoin holdings to 1,142.287 BTC, valued at round 11.372 billion yen (roughly $73 million).

Metaplanet’s Inventory Surges 15%

In line with a post on X, the brand new buy was made at a mean worth of 14,099,600 yen per BTC. As of November 19, 2024, Metaplanet’s common acquisition value per bitcoin now stands at 9,955,874 yen, or about $64,800.

Following the announcement, Google Finance information reveals that the agency’s inventory worth surged by over 15%, reaching 2,295 yen, which is just below $15. The most recent purchase has additionally shot up the corporate’s quarterly-to-date (QTD) BTC yield to 186.9%, up from 41.7% within the earlier quarter.

Since adopting bitcoin as a treasury reserve asset, Metaplanet has been actively rising its reserves by means of capital market actions and operational revenue. The corporate beforehand secured a 1 billion yen mortgage ($6.8 million) from one among its shareholders, MMXX Ventures.

Moreover, it has carried out 11 rounds of inventory acquisition rights, with the newest, which raised 11 billion yen, closing on October 23. This providing noticed 13,774 shareholders buy shares at a reduced worth of 555 yen ($3.61) every.

Extra not too long ago, it announced a brand new debt issuance plan that includes promoting one-year odd bonds price 1.75 billion yen ($11.3 million) at an annual rate of interest of 0.36%.

The proceeds from this bond issuance will probably be allotted solely to bitcoin acquisitions. It is going to mature on November 17, 2025, and be redeemed at its complete face worth of 100 yen per 100 yen denomination.

Earlier Purchases

Metaplanet’s journey into bitcoin started in Could 2024, when the corporate entered the cryptocurrency market as a technique to hedge towards financial volatility. Taking inspiration from MicroStrategy’s strategy, the funding agency has steadily elevated its bitcoin holdings.

Curiously, the latest buy comes simply sooner or later after MicroStrategy introduced its acquisition of 51,780 BTC for over $4.5 billion.

In June of this yr, Metaplanet purchased its first 23.35 BTC for about $1.6 million. The corporate adopted this up with one other 42.4 BTC for $2.4 million. By mid-year, its holdings had grown to 203.7 BTC.

Additional buys all through 2024 included 57.273 BTC price $3.4 million in July and 106.976 BTC price $6.6 million in early October. Essentially the most vital buy got here later in the identical month when it added 156.7 BTC for $10.4 million, bringing its complete holdings above 1,000 BTC for the primary time.