Metaplanet acquires additional 124 BTC as share prices soar

Metaplanet has announced the purchase of 124,117 bitcoins for a total of ¥1.75 billion.

This brings the company’s total bitcoin holdings to 1,142,287 BTC, valued at about 11.372 billion yen (roughly $73 million).

Metaplanet stocks grow 15%

According to a post on X, the new purchase was made at an average price of ¥14,099,600 per BTC. As of November 19, 2024, Metaplanet’s average acquisition cost per bitcoin now stands at ¥9,955,874, or about $64,800.

After the announcement, Google Finance data shows that the company’s share price rose more than 15% to 2,295 yen, which is just under $15. The latest purchase has also boosted the company’s quarterly BTC return (QTD) to 186.9%, up from 41.7% in the previous quarter.

Since adopting bitcoin as a treasury reserve asset, Metaplanet has been actively increasing its reserves through capital market activities and operating income. The company previously secured a 1 billion yen ($6.8 million) loan from one of its shareholders, MMXX Ventures.

In addition, it has conducted 11 rounds of share acquisition rights, with the latest, which raised ¥11 billion, closing on October 23. That offering saw 13,774 shareholders buy shares at a discounted price of 555 yen ($3.61) each.

Most recently, it announced a new debt issuance plan involving the sale of 1.75 billion yen ($11.3 billion) of one-year ordinary bonds at an annual interest rate of 0.36% .

The proceeds of this bond issue will be used solely for bitcoin acquisitions. It will expire on November 17, 2025 and will be redeemed for its full face value of 100 yen for each 100 yen denomination.

Previous purchases

Metaplanet’s journey into bitcoin began in May 2024, when the company entered the cryptocurrency market as a strategy to protect itself from economic volatility. Taking inspiration from MicroStrategy’s approach, the investment firm has steadily increased its bitcoin holdings.

Interestingly, the most recent purchase comes just a day after MicroStrategy announced its acquisition of 51,780 BTC for over $4.5 billion.

In June of this year, Metaplanet bought its first 23.35 BTC for about $1.6 million. The company followed up with another 42.4 BTC for $2.4 million. By mid-year, his holdings had grown to 203.7 BTC.

Additional purchases throughout 2024 included 57,273 BTC worth $3.4 million in July and 106,976 BTC worth $6.6 million in early October. The biggest purchase came later in the month, when he added 156.7 BTC for $10.4 million, bringing his total holdings above 1,000 BTC for the first time.

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