Metaplanet's Shares Rise 6%, Bitcoin Piles Almost Reach 400 BTC

Metaplanet shares rose 6%, Bitcoin piles nearly reached 400 BTC (Photo; Doc. U.Today)

JAKARTA - Shares of Japanese investment firm Metaplanet jumped 5.9% on the Tokyo Stock Exchange after the company announced its latest Bitcoin purchase that brings its total holdings close to 400 BTC. Since April, when the Metaplanet first introduced its investment strategy in Bitcoin, the company's share price has jumped 480%. However, on the other hand, their Bitcoin investment is currently down 13%.

According to Cointelegraph information, on September 10, Metaplanets purchased an additional 38.46 Bitcoins worth 300 million Yen (approximately IDR 32 billion). With this purchase, the company's total Bitcoins now reach 398.8 BTC with a value of around 23 million US Dollars (approximately IDR 354 billion). This is the purchase of Metaplanet's tenth Bitcoin since it first bought on April 23, according to data from Bitcoin Treasury.

Although the value of their investment in Bitcoin is currently decreasing, Metaplanets are still showing positive performance in the stock market. Shares of the company rose nearly 6% after the announcement of the purchase, marking investor confidence in their Bitcoin strategy. Metaplanets are now 27th as the company with the largest Bitcoin holdings in the world, and the third largest in Asia.

Metaplanet CEO, Simon Gerovich, explained that the company's investment strategy on Bitcoin aims to protect against Japan's growing debt burden and rapid yen depreciation. At a Bitcoin conference in July, Gerovich stated that Bitcoin is considered the highest monetary asset suitable to strengthen the company's financial reserves.

This move, according to Gerovich, was inspired by Michael Saylor's strategy from MicroStrategy, which leads the adoption of Bitcoin by corporate. Metaplanets are also committed to continuing to enlarge their Bitcoin holdings, even by using various capital market instruments. Last August, the company managed to secure a loan of 1 billion Yen (around Rp109 billion) to buy more Bitcoins.

Gerovich also admitted that before investing in Bitcoin, Metaplanets were a company that had almost turned off a suri. However, since entering the Bitcoin market, the company has managed to turn things around and attract investors' attention amid Japan's challenging economic conditions.