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Bitcoins bought by Metaplanet increase shares by 16%

Metaplanet’s stock price has increased by 15.7% following over 107 Bitcoin’s purchase recently. This month, the Japanese financial company has dramatically raised its Bitcoin holdings—now exceeding 855 BTC, worth more than $56 million.

Following the announcement of its most recent Bitcoin purchase of around 107 BTC on October 15, Article: Metaplanet, a Japanese investment company, had a notable increase in its stock price—15.7% With this latest acquisition, Metaplanet’s overall Bitcoin holdings—which, given current market circumstances, value approximately $56.1 million—equal 855.5 BTC.

The company paid over $6.7 million (or roughly 1 billion yen) to purchase the 106.976 BTC at an average price of roughly $62, 520 per coin, roughly 5.8% less than the market price of $66,200 at the time of the announcement.

Metaplanet’s shares were trading at 1,105 yen ($7.38), a clear rise from the closing price of the previous day at midday on October 15. The company’s stock has surged 480% since it revealed its Bitcoin investment plan in early April, clearly showing the good market reaction to its approach.

This most recent Bitcoin buy fits Metaplanet’s larger pattern as it has more than quadrupled its reserves this month alone. Earlier in October, the company bought 109.8 BTC on the 7th and 11th respectively. On October 1 and 3 it also bought 132 BTC in two different transactions.

Simon Gerovich, the CEO of Metaplanet, has found inspiration in MicroStrategy and its chairman, Michael Saylor, who is well-known for fervent Bitcoin collecting. Metaplanet has spent around $53.2 million on Bitcoin since implementing its investing plan, which has increased the value of its assets by 5.4%.

Metaplanet’s calculated investments have helped it to rank as the 23rd biggest holder of Bitcoin among publicly listed corporations. The company intends to keep increasing its Bitcoin reserves by means of many capital market instruments, including a loan of $6.8 million from one of its shareholders to support more acquisitions.

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