Metaplanet Buys more Bitcoin
Japanese investment firm Metaplanet is intensifying its Bitcoin acquisition strategy, mirroring the approach of U.S.-based MicroStrategy. The company plans to raise approximately $62 million through its 12th series of Stock Acquisition Rights (SARs) to bolster its Bitcoin holdings.
Metaplanet intends to issue 29,000 SAR units to EVO FUND, a Cayman Islands-based investment entity. Each unit allows the purchase of 100 common shares at 614 yen per right, potentially raising 9.5 billion yen (around $62 million) if fully exercised by December 16, 2024. This move is pending approval under Japan’s Financial Instruments and Exchange Act.
Aggressive Bitcoin Acquisition
Since initiating its Bitcoin accumulation in April 2024, Metaplanet has acquired over 1,000 BTC, investing more than $62 million at an average price of $61,663 per Bitcoin. The latest purchase of 156.783 BTC at approximately $66,575 per coin brings its total holdings to over 1,018 BTC, valued at around $67.1 million.
Stock Performance and Market Impact
Metaplanet’s aggressive Bitcoin strategy has positively impacted its stock performance. Following the announcement of the planned $62 million Bitcoin expansion, the company’s stock surged by 6.5%, trading at approximately 3,000 JPY. Over the past month, the stock has risen by 102%, outperforming Bitcoin’s 36% gain during the same period.
Comparison with MicroStrategy
Metaplanet’s approach closely resembles that of MicroStrategy, led by CEO Michael Saylor, which has made significant Bitcoin investments as a treasury reserve strategy. MicroStrategy holds over 150,000 BTC, positioning it as a leading corporate Bitcoin holder. Similarly, Metaplanet aims to establish itself as a major Bitcoin-holding firm in Asia, earning the moniker “Asia’s MicroStrategy.”
Metaplanet’s actions reflect a broader trend of institutional adoption of Bitcoin as a strategic asset. Companies like Tesla and Block Inc. have also added Bitcoin to their balance sheets, signaling growing corporate confidence in the cryptocurrency’s long-term value. Michael Saylor explains the logic of this strategy below.
As Metaplanet continues to expand its Bitcoin holdings, it reinforces the narrative of Bitcoin’s integration into corporate treasury strategies. The company’s commitment to Bitcoin not only enhances shareholder value but also contributes to the broader acceptance and legitimacy of digital assets in the financial sector.
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