Metaplanet shares surged 16%
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Johny Smith
2024/11/11
3 mins read
During trading on October 15, Metaplanet’s securities suddenly rose by almost 16%. This happened immediately after company representatives announced the purchase of 107 bitcoins. Currently, the service’s portfolio contains 855 BTC, which at the current exchange rate is estimated at approximately $56 million.
It should also be noted that Metaplanet shares have been showing steady growth for a long time. From April to October they increased in value by almost 480%. The company last purchased bitcoin earlier this month. The flagship digital asset gained 9% during this time, breaking the $65,500 mark.
Metaplanet CEO Simon Gerovich said that the company’s cryptocurrency investment strategy is in many ways similar to the systematic approach followed by one of the largest public holders bitcoin — MicroStrategy. Currently, the platform controls approximately 252 thousand BTC, totaling about $16.5 billion.
At the end of spring of this year, Metaplanet representatives announced that they would use the entire range of capital market assets to increase their own Bitcoin reserves. To implement this approach, the company took out a loan of almost $7 million from one of its shareholders. According to the Bitcoin Treasuries service, Metaplanet now ranks 23rd in the ranking of public organizations that act as holders of Bitcoin reserves.
At the beginning of March 2024, MicroStrategy made a public issue of bonds, against which it was able to attract capital in the amount of $800 million. The starting price of one security was $0.667. Subsequently, the proceeds were redirected to purchase an additional 12,000 bitcoins. The average purchase price at that time was almost $68,500 per coin.
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