Metaplanet’s Bitcoin Strategy: Shares Surge 15%, $104.8M BTC Holdings
Metaplanet Inc. shares jumped 15.1% on Tuesday after the Japanese investment firm bought 124.1 BTC for 14.1 million yen ($91,266) per Bitcoin.
The $11.3 million purchase brings their total Bitcoin holdings to 1,142.2 BTC, worth $104.8 million.
This is Metaplanet’s aggressive Bitcoin strategy, which they announced in May. Between October 1 and November 19 they reported a 186.9% Bitcoin return. They are one of the leading institutional players in the space.
Stock Performance
Metaplanet trades at 2,295 yen, up 1,334% YTD. The Nikkei 225 was up 0.5%. Trading volume was 21.9 billion yen ($141.7 million).
Simon Gerovich, Metaplanet CEO, tweeted that the company was 29th out of 4,000 Japanese companies by trading volume, ahead of Itochu and NTT. Big impact from the Bitcoin buying.
As part of their growth strategy they recently issued one-year bonds for 1.75 billion yen ($11.3 million) to buy more Bitcoin. The bonds mature in November 2025.
Institutional Interest in Bitcoin
Metaplanet is following the broader trend of institutional adoption of Bitcoin as a reserve asset in times of global uncertainty. Inflation and geopolitical tensions are forcing corporate treasurers to look for alternatives like Bitcoin.
MicroStrategy, another big player, just disclosed $4.6 billion of Bitcoin purchases. Their stock went up 13% on Monday and hit an all time high. They now hold 331,200 BTC worth $13.7 billion. To buy more they will issue zero-interest convertible notes that mature in December 2029.
And others are getting in on the action. Pennsylvania just introduced a bill to allow up to 10% of state funds to be invested in Bitcoin.
Metaplanet Inc. Maintains Bullish Momentum, Eyes Key Resistance at 2,546 JPY
Metaplanet Inc. (TSE) reveals a steady upward trend as the stock price closes at 2,295 JPY, reflecting a 1.50% increase. Key support levels lie at 2,166 JPY and 1,990 JPY, which may act as cushions for any downside corrections.
The stock is trading above the 200-period moving average, signaling strong bullish momentum. Resistance zones are evident at 2,546 JPY and 2,763 JPY, suggesting potential hurdles in further upward movement.
The RSI at 67.58 approaches overbought territory, indicating a possible slowdown in buying pressure. Overall, the bullish trend remains intact unless support levels are breached.
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