The shares of Metaplanet, a Japanese investment firm, saw a spike of 15.7% on October 15 after its announcement of purchasing an additional 107 Bitcoin. This latest acquisition has added to Metaplanet’s holding, taking the total cumulation to 855.5 Bitcoin, valued at about $56.1 million.
In a statement released on October 15, Metaplanet says that it invested nearly $6.7 million to purchase the said number of Bitcoin, with a per coin cost of around $62,520. This figure is 5.8% lower than Bitcoin’s market price during the time of the announcement.
The firm shares were trading at 1,105 yen ($7.38) on the Tokyo Stock Exchange on the morning of October 15. This marked an increase of 15.7% from the closing of the previous day, as per Google Finance data. Metaplanet stocks show a significant 480% rise since April, when the company first unveiled its Bitcoin investment strategy.
Metaplanet’s total investment in buying the 855 Bitcoin stands at around $53.2 million, giving them a 5.4% profit on their Bitcoin investment so far. The firm has made a steady pattern of purchases throughout October, more than doubling their Bitcoin horde.
Simon Gerovich, CEO of Metaplanet, credits their Bitcoin investment approach to MicroStrategy and its Executive Chairman, Michael Saylor, whose company holds over 252,000 Bitcoin. In line with MicroStrategy’s tactics, Metaplanet revealed in May its plans to adopt a spectrum of capital market instruments to supplement its Bitcoin reserves, which included procuring a $6.8 million loan from a shareholder to acquire more Bitcoin. As of the present data, Metaplanet ranks 23rd in Bitcoin holdings among public companies.