Metaplanet shares surged 15% after the company secured an additional 106 BTC.

By Crypto Gloom On Oct 15, 2024

Key Takeaways

Metaplanet recently purchased 106 BTC, bringing its total holdings to over 855 BTC.
The company’s stock price soared 15% after announcing the Bitcoin acquisition.

Shares of Metaplanet (3350.T) surged more than 15% on October 15 (Asia time) after the company announced that it had added more than 106 bitcoins to its reserves. According to data from Yahoo Finance, the stock price reached 1,105 yen, a significant increase from the previous day’s closing price of 955 yen.

The acquisition brings Metaplanet’s total Bitcoin holdings to over 855 BTC, worth about $56 million at current prices. The company’s average purchase price per Bitcoin is approximately $62,200, which is lower than the current market price of $65,700.

The company has made four Bitcoin purchases this month. The third acquisition took place on October 10th, following the previous ones on October 1st and 7th.

Metaplanet CEO Simon Gerovich said the goal is to accumulate at least 1,000 BTC. With the new acquisitions, the company is now just 145 BTC short of its goal. Metaplanet appears to have no plans to sell its holdings anytime soon.

According to data from Bitcoin Treasuries, the company ranks 17th among publicly traded Bitcoin companies. If this trend continues, Metaplanet is expected to become the largest Bitcoin holder among Asian public companies, surpassing Hong Kong’s Meitu, which holds 940 BTC.