Metaplanet Becomes Asia’s Second-Largest Bitcoin Holder with Over 1,000 BTC

Highlights:

• Metaplanet acquired 156.783 BTC for 1.6 billion yen, totaling 1,018.17 BTC.
• CEO Simon Gerovich announced that the firm is one of the largest corporate Bitcoin holders.
• Metaplanet’s BTC Yield surged to 155.8%, reflecting its strategic acquisitions since April.

Japanese investment firm Metaplanet Inc. announced on X (formerly Twitter) today that it spent 1.6 billion yen (around $10.4 million) to acquire 156.783 BTC. Each Bitcoin was purchased at an average price of 10,205,188 yen, worth $66,629.

This acquisition raised Metaplanet Inc.’s total holdings to 1,018.17 BTC (valued at $68.8 million), making it Asia’s second-largest corporate Bitcoin holder. According to Bitcoin data tracker BitcoinTreasuries, Metaplanet is now the 19th-largest corporate Bitcoin holder globally.

Simon Gerovich, CEO of Metaplanet, celebrated a significant Bitcoin milestone on X. He announced, “Metaplanet_JP now owns more than 1000 BTC, making it one of the largest corporate holders of Bitcoin in Asia.” When a community member inquired about the company’s plans for acquiring BTC, the Metaplanet executive responded, “always and forever,” suggesting ongoing Bitcoin purchases.

*Metaplanet purchases additional 156.78 $BTC* pic.twitter.com/4zl2LhXvO6

— Metaplanet Inc. (@Metaplanet_JP) October 28, 2024

Metaplanet Bitcoin Acquisition History

Metaplanet reported that it has increased its Bitcoin holdings since shifting to Bitcoin as a treasury reserve asset. The company raised funds through capital market activities and operational income.

Metaplanet said:

“Since adopting bitcoin as a treasury reserve asset, the company has strategically increased its total bitcoin holdings through acquisitions funded by capital market activities and operational income.” 

The buying spree began in April when it spent 1 billion yen to acquire 97.850 BTC. Since then, the company has made at least one purchase each month. In October, Metaplanet completed five Bitcoin buys. The first, on October 1, added 107 BTC for 1 billion yen ($6.6 million).

On October 7, the firm acquired another 108 BTC for about $6.7 million. Four days later, on October 11, it bought 108 BTC, spending $6.5 million, followed by another 106 BTC on October 14.

Metaplanet has introduced the “BTC Yield,” a metric that transparently assesses how its Bitcoin purchases affect shareholder value. This key performance indicator (KPI) measures the change in the ratio of Bitcoin holdings to Fully Diluted Shares Outstanding over time. Metaplanet announced that its BTC Yield has surged to 155.8% from October 1 to 28.

Metaplanet Stock Soars

According to Google Finance data, the announcement led to an immediate 8% surge in the company’s stock price (TYO: 3350). However, at the time of writing, it was trading at ¥1,150, reflecting a 7.18% increase over the last 24 hours. It has increased 16.04% over the past month and 502.26% year-to-date. 

Growing Corporate Adoption of Bitcoin

Led by MicroStrategy, corporate adoption of BTC has increased over the past few years. In addition to Metaplanet, other global companies like Tesla also hold Bitcoin on their balance sheets.

In a recent development, tech giant Microsoft announced that shareholders could vote on a proposal to consider adding Bitcoin to its balance sheet. The proposal, titled “Assessment of Investing in Bitcoin,” will be presented to certain shareholders during the meeting on December 10.

More: In additional materials filed today, Microsoft's board explains why it recommends a vote against this proposal: Because it's "unnecessary" since "Microsoft’s management already carefully considers this topic."

Microsoft’s Global Treasury and Investment Services team… https://t.co/6d8iSvHuuB

— MacroScope (@MacroScope17) October 24, 2024

However, the firm noted in the filing with the SEC that “the Board recommends a vote against this proposal.” The board explained that they have already evaluated a variety of investable assets, including Bitcoin. If approved, this move could trigger a domino effect, encouraging other major corporations to join the BTC trend.