After completing major fundraising through stock sales last week, Metaplanet Inc. (Tokyo: 3350) announced earlier today the acquisition of more Bitcoin (BTC). According to the announcement, Metaplanet purchased from the secondary market a total of 156.78 BTC, worth ¥1.6 billion at an average price of around ¥10.2 million per coin.
As a result, Metaplanet now holds a total of 1,018.17 Bitcoins, worth more than ¥9.6 billion, which is equivalent to over $66 million. According to the company’s CEO Simon Gerovich, Metaplanet is now one of the largest Bitcoin holders in Asia, which has significantly strengthened its stock market.
Metaplanet raised over $67 million last week through a stock sale to strengthen its Bitcoin strategy. Remarkably, its stock market has rallied over 6.9 percent in the past 24 hours to trade around ¥1,147 on Monday during the early Asian session.
Notably, the company announced that it has adopted the BTC Yield as a key performance indicator. Whereby the company gets to measure the percentage change in the ratio of total Bitcoin holdings to its fully diluted shares outstanding over a given period.
Bigger Picture
The notable adoption of Bitcoin by institutional investors has significantly bolstered its macro-bullish outlook. MicroStrategy Inc.’s (NASDAQ: MSTR) palpable success rate has undeniably inspired many other institutional investors to adopt the Bitcoin plan.
For instance, tech giant Microsoft, with a valuation of over $3 trillion, is expected to hold a shareholders vote before the end of this year to decide if a Bitcoin investment is worth the risk.
BlackRock, with assets under management of over $10 trillion, has acquired Bitcoins worth over $26 billion in the past few months since the approval of the spot BTC ETFs in the United States.
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