Metaplanet Buys 1,004 BTC, Surpasses El Salvador's Holdings
Metaplanet, a Japanese Bitcoin treasury firm, has made a significant addition to its cryptocurrency portfolio. On Monday, the company acquired an extra 1,004 BTC, pushing its total holdings to 7,800 BTC. This purchase, valued at approximately $104 million, has also driven Metaplanet's stock price to a three-month high.
The acquisition, made at an average price of JP¥15,134,304 ($104,180) per Bitcoin, comes as part of Metaplanet's ambitious goal to hold 10,000 BTC by the end of 2025. This latest purchase has propelled Metaplanet to the 10th spot in the rankings of public companies with the largest Bitcoin holdings, surpassing even El Salvador's national Bitcoin treasury.
Metaplanet's stock price (3350.T) has reacted positively to this news, surging by 12.6% to reach a three-month high. This bullish trend is not new for the company, which has seen its stock price increase over 15-fold since adopting its Bitcoin-focused strategy. The company's earnings report for Q1 FY2025 reflects this success, with revenues of $6 million, of which 88% came from Bitcoin options trading.
Founded by Simon Gerovich, Metaplanet funds its Bitcoin purchases through the issuance of zero-coupon ordinary bonds. The company has invested approximately $712.5 million in total for these purchases. As of May 12, Metaplanet reported a BTC yield of 170% and a BTC gain of 2,996 BTC.
With its latest purchase, Metaplanet's total Bitcoin holdings are now valued at over $800 million. The company's aggressive Bitcoin accumulation strategy, mirroring that of MicroStrategy, has proven successful so far. As Metaplanet continues to grow its Bitcoin treasury, investors will be watching to see if the company can reach its 10,000 BTC target by the end of 2025.
