Metaplanet Stock Soars on 1,004 Bitcoin Purchase
Metaplanet, a Japanese company, has seen its stock price (3350.T) soar to a three-month high after acquiring 1,004 more Bitcoins. The purchase, funded through bond issuance, has appreciated the stock by 12.6%.
Metaplanet, led by CEO Simon Gerovich, is rapidly accumulating Bitcoin, mirroring the strategy of MicroStrategy. On Monday, it acquired an additional 1,004 BTC at an average price of JP¥15,134,304 ($104,180) per Bitcoin, valued at approximately $104 million. This purchase brings Metaplanet's total Bitcoin holdings to 7,800 BTC, currently valued at over $800 million, making it the 10th largest public company in terms of Bitcoin holdings.
Since adopting its Bitcoin-focused strategy, Metaplanet's stock price has increased over 15-fold. Over the past month, its stock value has increased by 101.7%, driven by Bitcoin's rally and the company's strategy. Metaplanet aims to hold 10,000 BTC by the end of 2025. The company funds its Bitcoin purchases through the issuance of zero-coupon ordinary bonds, with a total investment in Bitcoin of approximately $712.5 million. Metaplanet's Q1 FY2025 earnings report revealed revenues of $6 million, with 88% attributed to Bitcoin options trading, and a BTC yield of 170%.
Metaplanet's aggressive Bitcoin acquisition strategy, led by CEO Simon Gerovich, has significantly boosted the company's stock price and value. With its sights set on holding 10,000 BTC by 2025, Metaplanet continues to make waves in the cryptocurrency market.
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