Metaplanet’s Bitcoin holdings have surpassed 639 BTC after its latest acquisition, as the firm continues to expand its reserves as part of its long-term financial strategy.
On Oct. 7, Metaplanet purchased 108.78 Bitcoin, for 1 billion yen worth around $6.92 million, bringing its total Bitcoin holdings to 639.5 BTC. The firm’s total Bitcoin holdings is valued at $40.5 million based on current prices.
The latest buy is just one in a series of moves by the Tokyo-based company, which scooped up over 215 BTC in the first week of October alone. This includes a similar purchase on Oct. 1, when it snagged 107.913 BTC for about $6.94 million.
The Bitcoin plan
In addition to its direct Bitcoin purchases, Metaplanet recently engaged in a Bitcoin options transaction with QCP Capital, a Singapore-based digital asset trading firm. As part of the deal, Metaplanet sold 223 contracts of $62,000 put options, set to expire on Dec. 27, 2024.
The firm earned a premium of 23.97 BTC from the sale, which was recorded as revenue and an addition to its growing BTC stash.
At the time, Metaplanet execs said the move “reinforces its balance sheet” and aligns with its long-term goal to increase exposure to the bellwether cryptocurrency.
Since May 2024, Metaplanet has focused on Bitcoin as a hedge against Japan’s economic challenges, particularly the depreciation of the yen.
Metaplanet’s strategy has drawn comparisons to U.S.-based MicroStrategy, the world’s largest corporate Bitcoin holder. Sora Ventures founder Jason Fang even dubbed it “Asia’s first MicroStrategy” for following a similar approach to the Michael Saylor-led firm.
As of press time, the Tokyo stock exchange listed firm has invested ¥5.16 billion in Bitcoin, with an average acquisition price of ¥9,326,856 per BTC.
Following its latest Bitcoin acquisition, Metaplanet’s stock jumped over 11% on Oct. 7, hitting an intraday high of 1,047 Japanese yen. The company’s steady Bitcoin buys have fueled a strong rally in its stock, which is up 517% year-to-date.
Efforts to bolster Bitcoin reserves
Beyond its Bitcoin investments, Metaplanet has also raised funds to support its crypto ambitions by offering stock acquisition rights and taking out loans.
On Sept. 9, the company disclosed plans to allow executives to purchase additional shares, aiming to raise ¥299.7 million through 540,000 warrants. This initiative followed a similar effort in August, where the company announced it would raise ¥10 billion via a separate stock rights issue.
To further solidify its Bitcoin strategy, Metaplanet partnered with SBI Group’s crypto investment arm, SBI VC Trade.
This collaboration provided Metaplanet with enhanced Bitcoin trading and custody services while optimising its tax efficiency by offering access to an “Exclusion Service for End-of-Period Valuation Taxation,” allowing it to avoid corporate taxes on unrealised gains from its Bitcoin holdings.
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