Bitcoin buying paid off for Metaplanet as shares jump over 800% YTD

Japanese investment firm Metaplanet has been on an aggressive Bitcoin buying spree. Earlier this week, he announced adding 21,877 BTC to his deposit, bringing his total holdings to 225,611 BTC.

At the current price, the Tokyo-listed company now holds nearly $14.8 million worth of Bitcoins. This investment strategy seems to have paid off, as Metaplanet has seen an incredible rise in its stock this year, with a major boost recorded in May after the company announced Bitcoin mining.

Metaplanet’s Bitcoin strategy pays off

After a series of acquisitions, Metaplanet has consolidated its position as the 21st largest corporate BTC holder globally, according to CoinGecko.

The market response to this news appears to have been overwhelmingly positive. Shares of Metaplanet – listed under the ticker 3550 on the Tokyo Stock Exchange – rose 60% to ¥145 over the past five days, according to data compiled by Google Finance. In the past 24 hours alone, shares have soared nearly 16%, bringing year-to-date gains to more than 800%.

It was in May of this year that the company first announced that it would hold Bitcoin as a strategic treasury reserve asset.

Despite this, Bitcointreasuries.net data revealed that Metaplanet’s initial Bitcoin acquisition occurred on April 23 when it bought 97.85 BTC. Subsequent purchases included 19.87 BTC on May 10, 23.351 BTC on June 11, 20.195 BTC on July 1, 42.46 BTC on July 8, and the most recent purchase of 21.877 BTC on July 16 july

Metaplanet’s ambitious Bitcoin Pivot

Metaplanet’s strategy is reminiscent of MicroStrategy’s Bitcoin hoarding tactics.

Dubbed the “MicroStrategy of Asia,” the firm often follows the same investment strategies as the American business intelligence firm. By financing its Bitcoin purchases through the sale of bonds, Metaplanet’s approach highlighted the growing trend of institutional adoption of BTC.

It is important to note that Japan’s current economic issues, including substantial public debt, negative real interest rates, and a persistently weak yen, have influenced Metaplanet’s move to invest in Bitcoin.

The company had previously said that it considered the crypto asset “fundamentally superior” to any other form of political currency, traditional stores of value and investment, and all other crypto assets/securities.

“Bitcoin is an absolutely scarce digital synthetic monetary commodity with no central issuer. Bitcoin’s monetary policy is rigidly set until 2140, setting it apart from both monetary metals and competing cryptographic projects operated at the whim of centralized developer teams. There is only will have 21,000,000 bitcoins.”

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