Metaplanet's Stock Surges 15% After $11.3 Million Bitcoin Purchase, Plans Further Acquisitions with Bond Issuance

Use the code PRAGUE2024 to snag a 10% discount for The Block’s exclusive crypto conference, Emergence.

Shares of Japan's Metaplanet jumped by 15.1% after the company announced it bought an additional 124.1 BTC, worth about $11.3 million. This Tokyo-listed firm revealed today that it purchased this bitcoin at an average price of nearly 14.1 million yen, or $91,266 per coin.

With this latest buy, Metaplanet's total bitcoin holdings now stand at 1,142.2 BTC, which is approximately $104.8 million. Their stock closed at 2,295 yen on Tuesday, and daily trading volume hit 21.9 billion yen, or $141.7 million, according to Futu's data. This year alone, the stock price has soared by 1,334%. Meanwhile, the Nikkei 225 index gained 0.5% today.

Simon Gerovich, the CEO of Metaplanet, shared on X that the company ranked 29th among 4,000 listed firms in Japan based on trading value, outpacing bigger companies like Itochu and NTT. Metaplanet has been on a bitcoin buying spree recently, following its May announcement to adopt bitcoin as a strategic reserve asset. In today's disclosure, they noted that their BTC yield reached an impressive 186.9% from October 1 to November 19 this year.

On Monday, the company also announced it would issue one-year ordinary bonds totaling 1.75 billion yen, or $11.3 million. The funds from these bonds are earmarked for more bitcoin purchases, with a redemption date set for November 17, 2025.

As of now, MicroStrategy holds the title of the largest public corporate bitcoin holder, owning 331,200 BTC, according to BitcoinTreasuries. On Monday, they acquired an additional 51,780 BTC, marking their largest acquisition yet. Wall Street giants are also increasing their investments in MicroStrategy shares.