Metaplanet Stock Jumps 8% as Firm’s Bitcoin Holdings Swell to $69 Million

Metaplanet’s complete Bitcoin holdings surpassed 1,000 following its newest acquisition on Sunday because it continues to spherical out its October spending spree on the earth’s largest crypto.

The Tokyo-based agency has picked up simply over 156 BTC for roughly $10 million, bringing its complete holdings to 1,108 ($69 million), it disclosed.

Dubbed “Asia’s reply to MicroStrategy,” Metaplanet is positioning itself because the “pioneer within the adoption of digital property in Japan,” which started holding Bitcoin on its stability sheet in April.

The announcement fueled an 8% rally within the firm’s inventory within the early Asian buying and selling hours, with its share worth buying and selling at 1,139 JPY (US$7.41), based on Google Finance.

Bitcoin additionally noticed a slight 0.8% uptick, buying and selling at a worth of $67,645, based on CoinGecko knowledge. 

The publicly-listed agency’s milestone follows a number of purchases this month amounting to greater than 600 BTC.

That started on October 1, when the corporate added 107 BTC for 1 billion yen ($6.6 million) at a mean worth of $61,932 per Bitcoin. That was adopted on October 7 with a purchase order of 108 BTC for round $6.7 million.

An extra 108 BTC was then picked up on October 11 for $6.5 million, which was adopted up by one other 106 BTC three days later.

Final week, Metaplanet adopted within the footsteps of Michael Saylor’s software program firm MicroStrategy, the world’s largest company holder of Bitcoin, in adopting a metric generally known as “BTC Yield.” 

BTC Yield seeks to supply a extra clear technique of assessing whether or not Bitcoin purchases improve shareholder worth and located October was notably bullish for the corporate.

Whereas Metaplanet’s 1,018 BTC holdings nonetheless path MicroStrategy’s 252,000 BTC, the Tokyo-listed firm is steadily rising as a prime contender globally in company Bitcoin adoption.

Edited by Sebastian Sinclair