Shares of Japanese investment firm Metaplanet jumped by 15.7% on October 15 after the company revealed its latest Bitcoin purchase. The firm announced that it added nearly 107 Bitcoin to its holdings, boosting its total Bitcoin stash to 855.5 BTC, now valued at over $56.1 million.
Metaplanet’s Recent Bitcoin Buy
In its October 15 statement, the firm said it spent around $6.7 million (1 billion yen) to purchase 106.976 Bitcoin. The company paid an average of $62,520 per Bitcoin, which was 5.8% below the market price of $66,200 at the time of the announcement.
Since announcing its Bitcoin investment strategy in early April, Metaplanet’s share price has risen by an impressive 480%. The company has spent a total of $53.2 million on its Bitcoin purchases so far and is up 5.4% on its investment.
A Series of Bitcoin Purchases
This latest purchase continues the firm’s buying spree in October. The firm bought 109 Bitcoin on October 11 and 108.8 Bitcoin on October 7. Earlier in the month, Metaplanet purchased a combined 132 Bitcoin in two separate transactions on October 1 and 3, according to data from Bitcoin Treasuries.
Bitcoin’s price has also seen a significant rise this month. Between the October 11 purchase and its latest buy, Bitcoin surged over 9%, reaching $65,500, according to data from CoinGecko.
Inspired by MicroStrategy
Metaplanet’s CEO, Simon Gerovich, has acknowledged that his company’s Bitcoin strategy is inspired by MicroStrategy and its executive chairman, Michael Saylor. MicroStrategy currently holds over 252,000 Bitcoin, worth around $16.45 billion.
Back in May, Metaplanet announced plans to use a variety of financial instruments to increase its Bitcoin holdings, similar to MicroStrategy’s approach. In August, the firm took out a $6.8 million loan from one of its shareholders to buy more Bitcoin.
Metaplanet now holds the 23rd largest Bitcoin stash among public companies, according to Bitcoin Treasuries.
