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Metaplanet announces increase of US$28 million in its Bitcoin reserves
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Tokyo-based Metaplanet has reported a significant increase of $28 million in its Bitcoin reserves since the start of acquisitions. The value of cryptocurrencies held by the company now exceeds its own market capitalization recorded at the beginning of the year.
The company has been aggressively investing in Bitcoin since the end of September. Metaplanet doubled its acquisitions from 492.82 BTC to 1,018.17 BTC by mid-November, according to its third-quarter financial report. In October, the company made a substantial purchase of 156 BTC, investing approximately $10 million, bringing the total amount invested to approximately $64 million.
Known in the Asian market as “the MicroStrategy of Asia”, Metaplanet also explores the Bitcoin options market to generate additional revenue. The company uses cash or Bitcoin as collateral in these operations, seeking to boost operational income and expand its reserve of crypto assets.
In a similar move to MicroStrategy, Metaplanet recently adopted “BTC Yield” as its main Key Performance Indicator (KPI), aiming to measure the impact of Bitcoin acquisitions on returns for its shareholders. In its report, Metaplanet stated its intention to continue increasing its Bitcoin reserves based on capital market activities and operating income whenever it deems appropriate.
Metaplanet stacks Bitcoin
Despite the significant increase in its Bitcoin reserves, Metaplanet recorded a net loss of US$2.1 million in the nine months ended September 30, 2024, an increase compared to the loss of US$2.7 million in the same period of the previous year. The company’s revenue, however, grew 46.3% compared to the previous year, reaching US$1.7 million, driven by the hotel and digital asset businesses.
Metaplanet raised more than $26.7 million throughout the year through share issuances and bond offerings, which has helped finance its Bitcoin acquisitions. Still, the company’s shares fell 5% on Tuesday. Shares are trading at 1,766 yen ($11.41) in the first few hours of trading in Asia.
Metaplanet announces increase of US$28 million in its Bitcoin reserves
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Metaplanet announces increase of US$28 million in its Bitcoin reserves
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Metaplanet announces increase of US$28 million in its Bitcoin reserves
