Metaplanet bought an average of 34 BTC per day in October
Investment company Metaplanet, listed on the Tokyo Stock Exchange, announced the purchase of an additional 108,786 BTC for ¥1 billion (about US$6.7 million) at an average price of US$61,904 per unit. The acquisition, announced on October 7, is part of the company's aggressive strategy to increase its Bitcoin reserves since the beginning of this month.
In October alone, Metaplanet has already acquired approximately 130 BTC. This includes a 107.91 BTC purchase made on October 1st and a 23.97 BTC bonus obtained on October 3rd. The company is maintaining an average daily purchase of 34.3 BTC throughout the month.
With the latest acquisition, Metaplanet now holds a total of 639,503 BTC. According to the company's most recent report, the amount spent on its Bitcoin acquisitions amounts to ¥5.96 billion (approximately US$40.1 million), with an average cost of ¥9.32 million (approximately US$62,827 ) for BTC.
Metaplanet Stacks Bitcoin on Uptober
News of the purchase boosted Metaplanet's shares. Prices rose 11%, reaching ¥1,047 per share (about US$7), according to data from Google Finance. Year to date, the company's shares have increased by 517%. However, prices are still 67% below the historic record reached in July.
According to Dylan LeClair, director of Bitcoin strategy at Metaplanet, the company intends to acquire an additional $50 million in Bitcoin by the end of 2024. This investment is part of the plan to raise ¥10 billion through a vesting rights issue of shares.
In August, Metaplanet announced its intention to raise US$70 million by offering its 11th series of stock vesting rights to all common shareholders. The offering allows each shareholder to purchase shares for about $4 between September 6th and October 15th.
Company plans to buy more Bitcoins
LeClair confirmed that the company has already exercised some of these rights, which contributed to the recent wave of Bitcoin purchases. Metaplanet will use the remaining balance to acquire more of the cryptocurrency by the end of the year.
Market analysts noted that Metaplanet's acquisition strategy is in line with the company's goal of owning a total of 1,000 BTC. If it achieves this goal, Metaplanet will become the largest publicly traded Bitcoin holder in Asia, surpassing Hong Kong-based Meitu Inc., which currently holds 940.9 BTC, according to Bitcoin Treasuries data.
The price of Bitcoin fell 1.3% in the last week – the first of October – according to data from CoinGecko. At the time of writing this article, the largest cryptocurrency on the market is priced at US$63,020.