Because Of Buying Bitcoin Worth IDR 105 Billion, Metaplanetary Shares Skyrocketed Up To 443%

Because of buying Bitcoin worth IDR 105 billion, Metaplanet shares immediately skyrocketed to 443% (Photo; Doc. Coinedition)

JAKARTA - Metaplanet, a Japanese investment company, recorded an increase in shares of 443% after the adoption of an aggressive Bitcoin purchase strategy. On October 1, Metaplanet announced their biggest purchase of 107.913 BTC worth about 1 billion yen (equivalent to 6.9 million US Dollars or Rp105 billion). This purchase brings their total holdings to more than 500 BTC, with the aim of reaching 1,000 BTC in the near future.

Quoted from Cryptoslate, Metaplanet CEO, Simon Gerovich, revealed that this purchase is part of the company's long-term move to strengthen their position as one of the largest Bitcoin institutional holders in Asia. With a total purchase of 506,745 BTC valued at around 32.2 million US Dollars (approximately Rp490 billion), the Metaplanet has spent about 4.75 billion yen to accumulate Bitcoin, with an average purchase price of around 9.37 million yen per BTC (about 64,931 US Dollars or Rp988 million).

Metaplanets are now in second place on Asia's list of largest Bitcoin holders, just below Meitu Inc. from Hong Kong which has 940.9 BTC. At the global level, Metaplanets are trying to pursue the position of US technology company MicroStrategy, led by Michael Saylor, who is currently the largest institutional Bitcoin holder with 252,220 BTC.

Metaplanet's move in focusing its investment on Bitcoin has proven to be a huge success. Since the company adopted its Bitcoin-only strategy last May, Metaplanet shares jumped 443%, far outperforming traditional financial asset performances such as Nikkei, US Dollar, and Bitcoin itself. While the Nikkei index fell 7.1%, the US Dollar slumped 6.4%, and the price of Bitcoin fell 10.1%, the Metaplanet's stock remained and continued to strengthen. Gold is the only asset showing an increase with an increase of 17% in the same period.

This performance shows that Metaplanet's Bitcoin-based treasury strategy is effective in dealing with Japanese yen volatility, as well as attracting the attention of market players who are interested in potential profits from digital assets.