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Metaplanet, a Japanese investment firm, saw its shares jump by 15.7% on October 15 after acquiring 107 Bitcoin, doubling its Bitcoin holdings this month. The company’s total Bitcoin stash now stands at 855.5 BTC, valued at over $56 million.
The latest purchase cost Metaplanet approximately $6.7 million, paying $62,520 per Bitcoin, about 5.8% below market price. This is part of a broader strategy inspired by MicroStrategy, as Metaplanet continues to increase its Bitcoin reserves.
Since unveiling its Bitcoin strategy in April, the company’s share price has soared by 480%. Metaplanet’s total investment in Bitcoin is now $53.2 million, and the firm’s Bitcoin holdings have grown over 100% this month alone with four separate purchases. CEO Simon Gerovich has openly credited MicroStrategy’s Bitcoin approach, led by Michael Saylor, as inspiration for their aggressive investment.
Metaplanet’s rapid accumulation of Bitcoin has made it the 23rd largest Bitcoin holder among public companies, further solidifying its position in the cryptocurrency market.