Japan’s Metaplanet has seen its stock price surge by 2.5% in post-lunch trading following the latest news of its Bitcoin acquisition. The company’s BTC holdings as a percentage of its market cap continue to climb.
As Bitcoin prices dipped earlier today, Metaplanet seized the opportunity to add 42.47 Bitcoins to its reserves, worth 400 million yen. This purchase brings Metaplanet’s total Bitcoin holdings to 203.734 BTC, valued at 2.05 billion yen. The company’s market cap stands at 14.5 billion JPY, with Bitcoin holdings now making up a significant portion of its total assets.
Metaplanet’s Bitcoin Strategy
Metaplanet has been actively accumulating Bitcoin, earning it the nickname “the MicroStrategy of Japan.” The company recently established a subsidiary in the British Virgin Islands to enhance its position in the cryptocurrency market and increase its Bitcoin reserves as part of its long-term financial strategy.
Dylan LeClair, Director of Bitcoin Strategy at Metaplanet, has been instrumental in this aggressive Bitcoin accumulation. In a recent podcast, LeClair noted, “Japan’s favorable environment for Bitcoin adoption presents a unique opportunity for corporate strategy and growth.” LeClair is gaining a reputation as the ‘Michael Saylor’ of Metaplanet due to his bold moves in the Bitcoin market.
Stock Market Reaction
Metaplanet’s stock has shown significant gains since the company adopted its Bitcoin strategy. Despite some volatility earlier today, the stock price rose 2.5% in post-lunch trading, following the announcement of the Bitcoin purchase. Since the beginning of 2024, Metaplanet’s stock has surged by 382%, largely driven by its Bitcoin adoption strategy. Last month, the stock reached a high of 107 JPY.
Bitcoin Market Impact
The broader crypto market has been under pressure, with Bitcoin prices falling by 5.8% in the last 24 hours to an intraday low of $54,420. However, Bitcoin partially recovered to $55,500 following Metaplanet’s purchase.
As Metaplanet continues to expand its Bitcoin holdings and the crypto market evolves, all eyes are on whether the company’s stock rally will sustain its momentum.
