Metaplanet Stock Drops 4% Despite $15.2 Million Bitcoin Purchase
Metaplanet's stock price fell by 4% on September 8, despite its announcement of a 136 BTC purchase worth $15.2 million. The stock now trades below 700 JPY after a 17% correction this week and a total decline of 63% from its June peak of 1,900 JPY.
Investment Considerations
- Analyst Zynx indicated that 705 JPY may be a floor price for Metaplanet shares, with a median fair value estimated at 1,332 JPY.
- Long-term investors might view current prices as opportunities to buy.
- Concerns persist regarding potential shareholder dilution due to a decrease in the premium over Bitcoin holdings.
Recent Bitcoin Acquisition
On the same date, Metaplanet revealed its acquisition of 136 BTC at an average price of $111,666 each, bringing its total BTC holdings to 20,136 coins, valued at approximately $2.08 billion. This represents 66% of its target of holding 30,000 BTC by year-end, with plans to increase to 100,000 BTC by the end of 2026 and 210,000 BTC by the close of 2027.
The company also secured shareholder approval to raise 555 billion Japanese Yen ($3.8 billion) for further Bitcoin purchases.