Shares of Metaplanet surged by 15.7% on October 15 after the Japanese investment firm revealed its latest acquisition of nearly 107 Bitcoin.
This new acquisition raises Metaplanet’s total Bitcoin holdings to 855.5 BTC, valued at more than $56.1 million, as stated in their announcement on October 15.
The firm disclosed that it invested around $6.7 million (1 billion yen) to acquire 106.976 BTC, at a purchase price of approximately $62,520 per coin—5.8% below Bitcoin’s market price of $66,200 at the time of announcement.
Details of Metaplanet’s recent Bitcoin acquisition. Source: Metaplanet
On October 15, Metaplanet (TYO: 3350) was trading at 1,105 yen ($7.38) before the lunch break on the Tokyo Stock Exchange at 11:30 am local time, marking a 15.7% increase compared to its closing price on October 14, according to Google Finance data.
Change in Metaplanet’s share price over the past five days. Source: Google Finance
Since it announced its Bitcoin investment strategy in early April, the company’s share price has risen by 480%.
Metaplanet has now invested a total of $53.2 million in its 855 Bitcoin holdings, achieving a 5.4% gain on its Bitcoin investments.
This most recent Bitcoin purchase follows four previous acquisitions this month, which have significantly increased Metaplanet’s total Bitcoin holdings.
On October 11, the firm acquired 109 BTC and previously obtained 108.8 BTC on October 7.
The company also purchased 132 BTC over two transactions on October 1 and 3, according to Bitcoin Treasuries data.
Related: Japanese Bitcoin investor Metaplanet collaborates with Ripple’s partner SBI
Bitcoin saw an increase of over 9%, reaching $65,500, from the time of Metaplanet’s purchase on October 11 to this recent acquisition, as per CoinGecko data.
Metaplanet CEO Simon Gerovich has acknowledged that the firm’s Bitcoin investment strategy is inspired by MicroStrategy and its executive chairman, Michael Saylor, whose company currently possesses over 252,000 Bitcoin valued at $16.45 billion.
In May, Gerovich announced that Metaplanet would implement an “entire range of capital market instruments” to enhance its Bitcoin reserves, paralleling the approach of MicroStrategy.
This included securing a $6.8 million loan from one of its shareholders to increase Bitcoin purchases in August.
According to Bitcoin Treasuries, Metaplanet ranks as the 23rd largest holder of Bitcoin among public companies.
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