On October 15, Metaplanet’s shares surged by 15.7% after the Japanese investment firm announced its latest acquisition of nearly 107 Bitcoin. This purchase increased the firm’s total Bitcoin holdings to 855.5 BTC, valued at over $56.1 million, according to a company statement.
Metaplanet’s stock price was trading at 1,105 yen ($7.38) before the Tokyo Stock Exchange’s lunch break at 11:30 a.m. local time on October 15, marking a 15.7% increase from its closing price on October 14, according to data from Google Finance.
The firm spent approximately $6.7 million (1 billion yen) to acquire 106.976 BTC, paying an average of $62,520 per coin, which was 5.8% below Bitcoin’s market price of $66,200 at the time of the announcement.
This marks Metaplanet’s fifth Bitcoin purchase in October, more than doubling its total holdings. Earlier in the month, on October 7, the firm bought 108.8 BTC, following another acquisition of 132 BTC in two transactions on October 1, according to Bitcoin Treasuries.
Simon Gerovich, Metaplanet’s CEO, acknowledged the firm’s growing involvement in the cryptocurrency space. In a recent X post, he hinted at further expansion, stating, “Do you see @Metaplanet_JP in the red box in the bottom right corner? Expect us to take up more space soon alongside some #Bitcoin titans!”
Do you see @Metaplanet_JP in the red box in the bottom right corner? Expect us to take up more space soon alongside some #bitcoin titans! pic.twitter.com/EEnnC4IjNb
— Simon Gerovich (@gerovich) October 9, 2024
As Metaplanet continues to increase its Bitcoin holdings, the company’s stock performance suggests growing investor confidence in both the firm and the cryptocurrency market. According to data from Bitcoin Treasuries, there appears to be some correlation between the stock price of Metaplanet and Bitcoin price movements, especially during periods of significant Bitcoin acquisition by the firm.
Notably, in July, Metaplanet’s shares jumped 19.31% following its announcement of a 20.38 BTC purchase and completion of its 1 Billion yen Bitcoin purchase drive. Similarly, after the October 7 acquisition, the ffirm’sstock price rose by 11%.
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