Japanese Investment Firm Metaplanet Increases Its Bitcoin Holdings to Over 700 BTC

Japanese investment firm Metaplanet has increased its Bitcoin holdings to over 700 BTC after its latest acquisition of the top crypto asset.

Japanese investment firm Metaplanet has increased its Bitcoin (BTC) holdings to over 700 BTC following its latest acquisition of the top crypto asset.

On Oct. 11, Metaplanet confirmed the purchase of an additional 108.999 BTC for about ¥1 billion. The firm acquired the Bitcoin at an average price of ¥9.17 million, roughly $61,659.

This marks Metaplanet’s third Bitcoin purchase in October, bringing its total holdings to 748.502 BTC, valued at about ¥6.965 billion or $46.8 million.

On Oct. 1, the firm purchased 107.91 BTC for around $7 million and later earned a 23.97 BTC premium by selling 233 BTC put options on Oct. 3. Fast-forward to Oct. 7, and the firm also acquired an additional 108.786 BTC for about ¥1 billion, roughly $6.7 million.

According to Google Finance data, Metaplanet’s average price for all of its Bitcoin is about ¥9.3 million, approximately $62,504 per BTC. So, with Bitcoin’s current trading at around $60,600, the firm is currently facing a slight loss of about $1,900 on each of its Bitcoins.

However, this acquisition has influenced Metaplanet’s stock performance. The company’s stock has risen by about 500% on the year-to-date metrics.

Moreover, Metaplant’s aggressive buying strategy positions it as a leading Bitcoin holder in Asia. Notably, Metaplanet CEO Simon Gerovich recently revealed the company’s goal of accumulating at least 1,000 BTC for its reserves.

So, if it continues at this pace, it could surpass Hong Kong-based Meitu Inc., which holds 940.9 BTC, to become the largest publicly traded Bitcoin holder in the region.

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