Metaplanet’s Bitcoin holding hit $64 million
Metaplanet revealed that its Bitcoin holdings have increased by $28 million since it started purchasing the asset
Metaplanet now has a total investment of $64 million in Bitcoin after purchasing over 156 BTC for about $10 million in October alone.
The Japanese business revealed that its Bitcoin holdings have increased by $28 million since it started purchasing the asset, outpacing the company’s market capitalization at the beginning of the year.
The Tokyo-listed company nicknamed “Asia’s MicroStrategy,” Metaplanet plans to consider Bitcoin derivatives, to increase margins, generate premium income, and grow its holdings.
A Q3 financial report shows that the Tokyo-based company has more than doubled its Bitcoin acquisitions, going from 492.82 BTC to 1,018.17 BTC by mid-November.
This approach has worked well for the company as it coincides with a new cryptocurrency rally this year. Bitcoin has increased by over 105% this year.
However, Metaplanet reported a net loss of $2.1 million for the nine months ending September 30, 2024, which is an improvement over a loss of $2.7 million during the same period last year, despite a surge in its Bitcoin holdings.
Metaplanet’s hotel business and digital asset ventures drove a 46.3% year-over-year increase in revenue to $1.07 million. The company did raise more than $26.7 million this year through bond offerings and stock issuances.
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