Tokyo-listed investment firm Metaplanet has expanded its Bitcoin holdings by acquiring another 108,786 BTC for ¥1 billion, equivalent to approximately $6.7 million, at an average price of $61,904 per Bitcoin, as disclosed in a statement on October 7.
Since the beginning of this month, Metaplanet has been aggressively increasing its Bitcoin reserves. The company acquired approximately 130 BTC this month, after acquiring 107.91 BTC on October 1 and earning a premium of 23.97 BTC on October 3.
The last purchase averages 34.3 BTC daily purchases in October.
Metaplanet now owns a total of 639,503 BTC. According to the latest report, the company spent ¥5.96 billion (approximately $40.1 million) on its Bitcoin acquisitions at an average cost of ¥9.32 million ($62,827) per BTC.
Following news of the recent purchase, Metaplanet stock rose about 11% to a peak of ¥1,047 per share (about $7), according to Google Finance.
This represents an impressive 517% increase in the company’s share price since the start of the year, although it is still 67% below its all-time high in July.
¥7.5 billion BTC purchase incoming
Dylan LeClair, Director of Bitcoin Strategy at Metaplanet, announced that the company plans to acquire an additional ¥7.5 billion (about $50.5 million) worth of Bitcoin by the end of 2024. This is part of the ¥10 billion targeted through the issuance of share acquisition rights.
In August, Metaplanet announced its intention to raise ¥10.08 billion (approximately $70 million) by offering its 11th series of stock purchase rights to all common shareholders. The offering offers one stock acquisition right per share, with an option to purchase shares for ¥555 (~$4) between September 6 and October 15.
LeClair confirmed that the company has already exercised some of these rights, which has contributed to the recent Bitcoin buying spree. The balance would be used to acquire the flagship digital asset before the end of this year.
Market analysts noted that this acquisition strategy aligns with Metaplanet’s goal of owning a total of 1,000 BTC.
If successful, the company will become Asia’s largest publicly traded Bitcoin holder, surpassing Meitu Inc. from Hong Kong, which holds 940.9 BTC according to data from Bitcoin Treasuries.