On October 15, 2024, Tokyo-based investment firm Metaplanet announced a significant expansion of its Bitcoin holdings, acquiring over 450 BTC this month alone. CEO Simon Gerovich revealed the purchase of 106.976 BTC for 1 billion yen (approximately $6.7 million), averaging 9.3 million yen (around $62,520) per coin.
This acquisition strategy effectively doubles Metaplanet's Bitcoin holdings, which now total 855.5 BTC valued at over $56.1 million. The company had previously purchased 107.91 BTC for about $7 million on October 1, followed by additional acquisitions of 108.786 BTC on October 7 and 108.999 BTC on October 11, each costing around $6.7 million.
As of October 15, Metaplanet's Bitcoin investments have generated a profit of approximately $581,000. During the same period, Bitcoin's price experienced a nearly 2% increase, reaching $65,654, recovering from a recent dip below $60,000.
Metaplanet's aggressive Bitcoin strategy has positively influenced its stock price, which surged 15% to 1,107 yen, marking a year-to-date increase of about 500%. The firm adopted Bitcoin as a reserve asset in May to mitigate the volatility of the Japanese yen, now holding the second-largest Bitcoin stash among Asia-listed companies, following Hong Kong's Meitu.
This trend mirrors that of MicroStrategy, the largest public holder of Bitcoin, which owns over $16 billion worth of the cryptocurrency.