Japanese Investment Firm Metaplanet Takes MicroStrategy as an Example! Continues to Purchase Bitcoin!

Shares of Japanese investment firm Metaplanet rose 15.7% on Oct. 15 after the announcement of its latest Bitcoin purchase.

Metaplanet Shares Up 16% After Latest Bitcoin Purchase

The firm announced that it purchased approximately 107 Bitcoins (BTC), bringing its total Bitcoin holdings to 855.5 BTC, worth approximately $56.1 million.

Metaplanet said it spent around 1 billion yen ($6.7 million) to purchase 106,976 BTC, paying an average of $62,520 per Bitcoin. This purchase price represented a 5.8% discount to Bitcoin’s market value of $66,200 at the time of the announcement.

The company’s shares rose to 1,105 yen ($7.38) when the Tokyo Stock Exchange broke for lunch on Oct. 15, marking a 480% increase since it announced its bitcoin investment strategy in early April.

This latest acquisition follows several other recent acquisitions:

• 109 BTC purchased on October 11
• 108.8 BTC on October 7
• 132 BTC in two batches on October 1 and October 3

Metaplanet has more than doubled its Bitcoin holdings since October 1.

Bitcoin’s 9% increase to $65,500 between Oct. 11 and the most recent purchase has increased the firm’s investment, bringing the total cost of purchasing BTC to $53.2 million. The firm is currently up 5.4% on its Bitcoin holdings.

Metaplanet CEO Simon Gerovich has acknowledged that the firm’s Bitcoin strategy was inspired by MicroStrategy and its chairman Michael Saylor, whose company owns 252,000 BTC worth $16.45 billion.

In May, Metaplanet announced its intention to explore various capital markets instruments to increase its Bitcoin reserves. In August, the company received a $6.8 million loan from a shareholder to purchase more Bitcoin.

With 855.5 BTC, Metaplanet is currently the 23rd largest Bitcoin holder among publicly traded companies, according to Bitcoin Treasuries.

*This is not investment advice.