We haven’t talked much about this phenomenon yet, but it’s time we do. There’s a company in Japan that’s taking a page out of MicroStrategy’s book—adding Bitcoin to their balance sheet, sometimes even using creative financial moves similar to their American idol. That company is Metaplanet, a Japanese investment firm that previously focused mainly on hotels but has now turned its attention to web3, blockchain, and Bitcoin.
Metaplanet, listed on the Japanese stock exchange, recently invested another 1 billion Japanese yen in Bitcoin. At today’s rates, that’s about 7 million dollars. This latest purchase allowed them to acquire 108.786 Bitcoin from the market.
Metaplanet Keeps Buying
With this new buy, Metaplanet’s total Bitcoin holdings are up to 639.50 Bitcoin. The average price they’ve paid per Bitcoin is 9,326,856 yen, which works out to about $62,836 per Bitcoin.
The good news? They’re currently in profit territory. Bitcoin started the new week with gains, and the price is hovering at $63,353 right now. Thanks to this uptick, Metaplanet’s shares jumped by 9.17% today on the Japanese stock exchange.
If we look back from the start of the year, Metaplanet’s stock has soared 525%. In fact, this performance has made Metaplanet a better investment than Bitcoin itself so far, which is pretty interesting when you think about it.
As for how Metaplanet funded their latest Bitcoin purchase, that’s still a bit of a mystery. They might have sold options again, just like they did last time.
Rising Faster Than Bitcoin
Metaplanet isn’t alone in outperforming Bitcoin. Michael Saylor and his firm MicroStrategy often outpace Bitcoin too, despite being a company that mainly buys Bitcoin. Sure, MicroStrategy also has a software business, but that part of their company isn’t enough to explain these gains. The last time, the business intelligence firm leader bought Bitcoin was in September, when it added 7,420 BTC to its holdings. They now own 252,220 Bitcoin, still over 300x that of Metaplanet’s total.
Since the beginning of this year, MicroStrategy has also done quite well, with its stock rising 157.60%. This means Saylor’s company is also outpacing Bitcoin, which is up about 50% in 2024.
With numbers like these, you might wonder if buying stocks of these kinds of companies could be a better strategy than holding Bitcoin directly during a bull market. It’s worth keeping in mind, though, that these stocks come with a good dose of extra risk.
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