Japanese public-listed firm Metaplanet has made headlines with its latest Bitcoin acquisition, purchasing 124 BTC for 1.75 billion Japanese Yen, bringing its total holdings to over 1,100 BTC. This strategic move was announced just a day after MicroStrategy acquired a staggering 51,780 BTC for $4 billion, fueling a surge in Metaplanet’s stock price by 15%.
Metaplanet CEO Simon Gerovich revealed that the firm bought the additional 124.117 BTC at an average price of ¥14,099,600 per Bitcoin. With these latest purchases, Metaplanet’s total Bitcoin holdings now exceed 1,142 BTC, acquired at an average price of ¥9,955,874 per BTC. The firm’s year-to-date Bitcoin yield has skyrocketed to 186.9%, underscoring the success of its strategy.
The announcement led to an immediate rally in Metaplanet’s stock, with its price climbing more than 14%, breaking through the critical ¥2,000 resistance level. This upward momentum positions the stock to potentially reach ¥3,000, a 30% increase from its current levels.
Bitcoin as the New “Stock Buyback” Strategy
Metaplanet’s acquisition reflects a growing trend among corporations adopting Bitcoin as a key asset, following the footsteps of MicroStrategy. The U.S. business intelligence firm has pioneered this approach, using Bitcoin as a treasury asset while also funding its purchases through stock buybacks. Metaplanet has similarly adopted this model, issuing bonds to fund further Bitcoin acquisitions.
Dylan Leclair, Metaplanet’s Bitcoin acquisition strategist, referred to Bitcoin as the new “stock buyback” on Wall Street, noting a shift in corporate investment strategies. Leclair also pointed to the influence of Michael Saylor, the former CEO of MicroStrategy, whose Bitcoin playbook has sparked a “snowball effect” across major institutions. Marathon Digital and Semler Scientific have followed suit, while tech giant Microsoft is set to hold a shareholder vote in December to decide whether to add Bitcoin to its balance sheet.
A New Bullish Phase for Bitcoin
The growing institutional demand for Bitcoin has contributed to the cryptocurrency’s recent price rally. As of November 19, 2024, Bitcoin was trading at $91,763, marking a 1.33% increase. A daily close above $91,900 could trigger a further price surge toward the $100,000 mark, signaling a potential new all-time high for the cryptocurrency.
The influx of institutional purchases, including those from companies like MicroStrategy and Metaplanet, has driven Bitcoin’s price toward new heights, setting the stage for a broader market rally.
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