Metaplanet Bitcoin Holdings: How Its Latest Purchase Raised Stock Prices?
After its most recent purchase on Sunday, Metaplanet’s total Bitcoin holdings exceeded 1,000, capping up its October spending binge in the biggest cryptocurrency in the world. The Tokyo-based company revealed that it had acquired slightly over 156 Bitcoin for over $10 million, increasing its total holdings to 1,108 ($69 million).
With the addition of Bitcoin to its balance sheet in April, Metaplanet is establishing itself as a leader in Japan’s embrace of digital assets. According to Google Finance, the announcement drove an 8% increase in the company’s stock price during early Asian trading hours, with its share price currently trading at 1,139 JPY (US$7.41).
October Bitcoin Buying Spree: Metaplanet Adds 600+ BTC to Portfolio at $61K Average
The milestone comes after several transactions totaling over 600 Bitcoin this month by the publicly traded company. The corporation started that on October 1st, when it added 107 Bitcoin for 1 billion yen ($6.6 million) at an average price of $61,932 per. After thereafter, on October 7, 108 Bitcoin were bought for almost $6.7 million. Three days later, 106 BTC was added, and on October 11th, another 108 BTC was picked up for $6.5 million.
Metaplanet adopted a metric called BTC Yield last week, following in the footsteps of MicroStrategy, the largest corporate Bitcoin holder in the world, and the software firm founded by Michael Saylor. October was especially optimistic for the company, according to BTC Yield, which aims to offer a more transparent way to evaluate whether Bitcoin acquisitions increase shareholder value.
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