Japanese investment firm Metaplanet has seen a remarkable increase in its share price, surging over 800% year-to-date, largely due to its strategic investment in Bitcoin (CRYPTO:BTC).
The Tokyo-listed company, traded under ticker 3550 on the Tokyo Stock Exchange, has significantly boosted its holdings in the cryptocurrency, with recent acquisitions bringing its total to 225.611 BTC, valued at approximately $14.8 million at current prices.
Metaplanet’s investment strategy, which began in earnest with a purchase of 97.85 BTC on April 23, 2024, has involved several subsequent acquisitions: 19.87 BTC on May 10, 23.351 BTC on June 11, 20.195 BTC on July 1, 42.46 BTC on July 8, and 21.877 BTC on July 16.
This aggressive buying spree has positioned Metaplanet as the 21st largest corporate Bitcoin holder globally.
The company's shares experienced a significant boost in May 2024 following its announcement of Bitcoin as a strategic treasury reserve asset.
Recent data shows Metaplanet’s stock price climbing 60% to ¥145 over the past five days, with a nearly 16% increase in the last 24 hours.
Metaplanet’s approach mirrors that of MicroStrategy, often referred to as “Asia’s MicroStrategy,” emphasising Bitcoin’s role as a superior asset compared to traditional currencies and other investments.
The company's decision to switch to Bitcoin is partially motivated by the economic difficulties facing Japan, which include high levels of public debt, negative real interest rates, and a weakening yen.
Because of its fixed quantity and decentralised structure, Bitcoin is seen by Metaplanet as a scarce and strictly regulated monetary commodity that stands apart from other assets.