Metaplanet Acquires 124 BTC for $11.3 Million Following MicroStrategy Purchase
Metaplanet, Asia's largest corporate Bitcoin (BTC) holder, acquired an additional 124 BTC shortly after MicroStrategy Inc. announced its purchase of 51,780 BTC. Metaplanet's acquisition cost 1.75 billion Japanese Yen, approximately $11.3 million.
The average price per Bitcoin for this purchase was 14,099,600 yen, while the overall average acquisition cost for Metaplanet's holdings is 9,955,874 yen per BTC.
Metaplanet Bitcoin Holdings
With this latest purchase, Metaplanet's total Bitcoin holdings reach nearly 1,150 BTC. Given Bitcoin's current trading price of $92,007.70, the value of Metaplanet's Bitcoin stash exceeds $105 million. The company's stock price rose by around 15%, reaching 2,300 JPY after previously holding at 2,000 JPY. This breakout could lead to a potential rally toward 3,000 JPY, indicating a possible 30% increase. Additionally, Metaplanet’s Bitcoin Yield increased by 186.9% Quarter-to-date (QTD).
*Metaplanet purchases additional 124.11 $BTC* pic.twitter.com/4QLVrsGTei
— Metaplanet Inc. (@Metaplanet_JP) November 19, 2024
On Monday, Metaplanet indicated plans for a debt sale to finance its Bitcoin acquisitions. The proposed sale involves one-year ordinary bonds with a guarantee of 1.75 billion yen, or $11.3 million, with an annual interest rate of 0.36%. This strategy appears to have succeeded in facilitating the recent Bitcoin acquisition.
MicroStrategy's Influence on Corporate Bitcoin Strategies
MicroStrategy has implemented stock buybacks to enhance its BTC holdings, resulting in a 400% increase in its Bitcoin portfolio this year. Metaplanet has adopted this successful strategy, reporting a profit exceeding $28 million from its Bitcoin investments.
As Metaplanet's balance sheet improves, stakeholders experience significant gains. Dylan Leclair, the company's Bitcoin acquisition strategist, noted that Bitcoin represents a new form of "stock buyback" for Wall Street. He stated, “Wall Street has been put on notice.”
MicroStrategy’s open approach to its Bitcoin acquisition strategy has inspired other corporations like Semler Scientific and Marathon Digital to pursue similar campaigns. Microsoft Corporation is also preparing for a stakeholder vote in December regarding the inclusion of Bitcoin on its balance sheet, though board members have recommended opposing the move. The outcome of this vote will influence Microsoft's future direction.
Bitcoin may potentially surge to $100,000 by year-end based on current price levels, market capitalization, and trading volume trends.