Tokyo-based Metaplanet reported a $28 million increase in Bitcoin holdings, now totaling 1,018.17 BTC, surpassing its market cap from early 2024.
Metaplanet Reports Bitcoin Holding
Metaplanet disclosed on Monday that its Bitcoin holdings have increased by $28 million since it began purchasing the asset, surpassing the company’s market capitalization at the beginning of the year.
The Tokyo-based company has more than doubled its Bitcoin acquisitions since late September, increasing from 492.82 BTC to 1,018.17 BTC by mid-November, according to a Q3 financial report.
It is a strategy that has been advantageous for the organization, as it is implemented in the context of a recent cryptocurrency rally. This year, Bitcoin has increased by over 105%, reaching $87,000.
In October alone, Metaplanet acquired over 156 BTC for approximately $10 million, increasing its cumulative investment in the world’s largest cryptocurrency to $64 million.
Metaplanet, which has been dubbed “Asia’s MicroStrategy,” is currently investigating the potential of Bitcoin options trading to generate premium income by utilizing cash or Bitcoin as collateral. The company is also interested in increasing its operational income and diversifying its holdings.
Metaplanet formally adopted a Key Performance Indicator (KPI) that is comparable to MicroStrategy’s “BTC Yield” last month in order to evaluate the impact of Bitcoin acquisitions on shareholder returns.
Metaplanet stated in the report that they plan to continue bolstering their Bitcoin holdings through capital market activities and operational income as deemed appropriate.
Metaplanet reported a net loss of $2.1 million for the nine months ending September 30, 2024, which is an improvement from the $2.7 million loss reported in the same period last year, despite the increase in the value of its Bitcoin holdings, according to the report.
Nevertheless, Metaplanet’s hotel business and digital asset ventures contributed to a 46.3% year-over-year increase in revenue, which amounted to $1.7 million. According to the company’s financial statements, the company was able to raise more than $26.7 million this year through stock issuances and bond offerings.
Metaplanet’s stock experienced a 5% decline on Tuesday, with shares trading at 1,766 JPY (US$11.41) during the early Asian hours.
