Japanese MetapPlanet Stock Pumps as Investment Firm Buys More Bitcoin
Tokyo-listed MetaPlanet stock surged amid the revelation that the Japanese investment firm was buying more Bitcoin. The Japanese investment firm confirmed adding 23.5 Bitcoin to its treasury for 250 million yen, which translates to $1.6 million.
Metaplanet Inc.’s June 11 disclosure of progress indicated that the firm had acquired additional Bitcoin, bringing the treasury to 141.07 tokens for 1.45 billion yen, which is equivalent to $9.2 million. The filing revealed that Metaplanet had incurred an average of 10,278,391 yen on average for Bitcoin, equivalent to $65,426, as illustrated by the firm’s Bitcoin Strategy director, Dylan LeClair, on Tuesday, June 11.
MetaPlanet Stock Rallies as Firm Adds Bitcoin
The news of MetaPlanet adding more Bitcoin on Tuesday propelled the stock to surge 10%. The stock rally contrasted with the 3% tumble in Bitcoin price within the same period.
The post by LeClair on X (formerly Twitter) resembles updates issued by MicroStrategy’s chair, Michael Saylor. The proBitcoin advocate has often tweeted the token holdings and average price in each of the buys since unveiling the treasury strategy four years ago.
MetaPlanet has merged with top brass within the Tokyo stock exchange since it adopted Bitcoin as the core treasury asset in April. Today, MetaPlanet carries the title of Asia’s first MicroStrategy.
MetaPlanet recently revealed plans to utilize capital markets to fund the subsequent acquisition of Bitcoin. Such portrays a deliberate effort to replicate MicroStrategy’s profile and input within the American capital markets.
Branding MetaPlanet as Asia’s MicroStrategy is paying off. The investment firm’s stock is 456% up year-to-date since unveiling the Bitcoin buy plan. On the other hand, MicroStrategy trails MetaPlanet, with its stock (MSTR) only up 127% in 2024. MicroStrategy holds the largest Bitcoin treasury of any corporate holder. The business intelligence company owns 214,400 Bitcoin valued at $14.521 billion.
MetaPlanet stock has rallied 578.57% in the past six months to exchange hands at 95 JPY, translating to a market cap of 16.55 billion JPY. The stock rally dwarfs the surge in MicroStrategy, which surged 173.66% within the same period to exchange hands at $1,603.67, pushing the market value to $28.44 billion, as per Google Finance.
A reflection on MetaPlanet stock shows two consecutive incidents when it surpassed daily gains permitted by the Tokyo Stock Exchange.
MetaPlanet Stock Rallies Following Bitcoin Treasury Strategy
MetaPlanet stock is surging similarly to the experience shared by other listed companies that have embraced Bitcoin as a corporate treasury.
Canadian-based DeFi Technologies witnessed a 25% rally in its stock on Monday following news of purchasing 110 Bitcoin on Monday, June 10. In the past six months, the stock price has rallied 300% to exchange hands at $CAD 1.72.
The Bitcoin blessing extends to Semler Scientific, which saw its stock soar by 72% following the addition of Bitcoin as the primary treasury reserve asset. The Nasdaq-listed medical device maker under the SMLR ticker indicated late last month that it spent $40 million to buy 581 Bitcoin.
Fidelity Digital Assets head of research Chris Kuiper weighed in on Bitcoin’s adoption as a treasury reserve asset. The executive considered this to suggest that game theory is playing out.
The Fidelity executive is optimistic that adopting Bitcoin is sensible for small and microcap entities. He considers that such entities stand to lose, unlike the cash-endowed companies.
