Metaplanet Stock Surges 16% After Aggressive Bitcoin Accumulation

Last Updated on October 15, 2024

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Key Takeaways:

  • Metaplanet’s stock has surged 480% since announcing its Bitcoin investment strategy, with a $53.2 million allocation to 855 Bitcoin.
  • The company’s Bitcoin holdings increased 5.4% in value after four purchases in October, including recent buys of 109 BTC and 108.8 BTC.
  • Metaplanet is the 23rd largest Bitcoin holder among public companies, mirroring MicroStrategy’s investment strategy.

Metaplanet’s stock has surged by 480% since revealing its Bitcoin investment strategy in April.

The company has spent approximately $53.2 million on 855 Bitcoin, seeing a 5.4% gain in its Bitcoin investment value.

In October, Metaplanet made several Bitcoin purchases, acquiring 109 BTC on October 11 and 108.8 BTC on October 7.

Earlier in the month, it bought 132 Bitcoin in two separate transactions on October 1 and 3.

The price of Bitcoin also saw a significant rise, increasing over 9% to $65,500 during this period.

Metaplanet’s strategy mirrors that of MicroStrategy, whose executive chairman Michael Saylor has led his company to amass over 252,000 Bitcoin.

To further expand its Bitcoin holdings, Metaplanet secured a $6.8 million loan in August.

The company is now ranked as the 23rd largest Bitcoin holder among publicly traded firms.

About The Author

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Co-Founder / Managing Editor

Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.

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