The post Metaplanet Inc. Bitcoin Holdings Surge: 156.78 BTC Acquired to Strengthen Strategy appeared first on Coinpedia Fintech News
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.
Impact on Metaplanet’s 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.
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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.