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    Metaplanet shares jump 15% after buying 107 Bitcoin

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    Japanese investment company Metaplanet recently bought 107 Bitcoin, causing a 15.7% increase in their share value. Their portfolio now amounts to 855.5 Bitcoin worth more than $56.1 million. Since revealing their Bitcoin investment strategy in April, they’ve seen a 480% increase in share price. Metaplanet has purchased 457.3 Bitcoin in October so far. Their strategy, influenced by MicroStrategy, aims to increase their Bitcoin reserves. Currently, Metaplanet holds the 23rd largest Bitcoin reserve among public companies.

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    So, Metaplanet, this investment company in Japan, just announced that they bought about 107 more Bitcoin. And guess what? This purchase led to a 15.7% increase in the value of their shares on October 15. The bought Bitcoin are valued around $6.7 million. Not too shabby!

    With this recent buy, Metaplanet now owns about 855.5 Bitcoin, which is worth more than $56.1 million. Not bad for a day’s work, right? The interesting part is that they paid less than the market price for these Bitcoin – about 5.8% less, to be exact.

    Just before lunch break at the Tokyo Stock Exchange on Oct. 15, Metaplanet’s stock was up to 1,105 yen ($7.38) per share. That’s an increase of 15.7% since the previous day’s closing. In fact, since they revealed their Bitcoin investment strategy back in April, their share price has shot up by a whopping 480%.

    Summing it all up, Metaplanet has spent the equivalent of $53.2 million to acquire the 855 Bitcoin. They’ve made a modest profit of 5.4% on their Bitcoin investment so far.

    This latest Bitcoin purchase isn’t their first this month. The firm also bought 109 Bitcoin on October 11 and 108.8 Bitcoin a few days earlier on Oct. 7. They kicked off the month by buying a total of 132 Bitcoin on Oct. 1 and Oct. 3.

    As a result of all these purchases, the value of Bitcoin rose by over 9% to $65,500 between Metaplanet’s buys on Oct. 11 and recently.

    Simon Gerovich, Metaplanet’s CEO, mentioned that their Bitcoin investment strategy was influenced by MicroStrategy, a company that currently holds over 252,000 Bitcoin valued at $16.45 billion. Like MicroStrategy, Metaplanet is focusing on boosting its Bitcoin reserves with various capital market tools. They even borrowed $6.8 million from one of their shareholders to add to their Bitcoin stash.

    With all this happening, Metaplanet now ranks 23rd in terms of Bitcoin holdings among public companies. Now that’s something worth celebrating!

    Source: Cointelegraph

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