Japan’s Metaplanet Reports $581K Profit from Bitcoin Acquisitions

Metaplanet, a Tokyo-listed investment firm, has significantly increased its Bitcoin holdings this October, acquiring over 450 BTC in just a few weeks.

On October 15, Metaplanet CEO Simon Gerovich announced a new purchase of 106.976 BTC for 1 billion yen (roughly $6.7 million), at an average price of 9.3 million yen ($62,520) per coin. This acquisition is part of the firm’s broader Bitcoin accumulation strategy, which has doubled its holdings for the month. Earlier on October 1, Metaplanet had purchased 107.91 BTC for about $7 million. Two days later, the firm added 23.97 BTC through a premium earned by selling 233 BTC put options.

Further purchases followed, including 108.786 BTC on October 7 and another 108.999 BTC on October 11, each costing approximately $6.7 million (1 billion yen). As of October 15, Metaplanet’s total Bitcoin holdings stood at 855.5 BTC, valued at over $56.1 million.

Blockchain analytics firm Arkham Intelligence reported that Metaplanet’s Bitcoin holdings have generated a profit of roughly $581,000.

Bitcoin’s price has also surged by nearly 2% over the past 24 hours, reaching $65,654 at the time of writing, recovering from its recent dip below $60,000.

Metaplanet’s aggressive Bitcoin acquisition strategy has bolstered its stock performance as well. According to Google Finance, the firm’s stock price has risen by 15% to 1,107 yen. Year-to-date, its stock has climbed approximately 500%.

Metaplanet initially adopted Bitcoin as a reserve asset in May to hedge against fluctuations in the Japanese yen. The company now holds the second-largest Bitcoin reserve among publicly listed companies in Asia, following Hong Kong-based Meitu, which owns 941 BTC.

Globally, these companies are part of a growing trend among firms like MicroStrategy, the US-based company led by Michael Saylor, which holds over $16 billion worth of Bitcoin, making it the largest public holder of the digital asset, according to Bitcoin Treasuries data.