Japanese investment firm Metaplanet saw its shares surge at market open following last week’s announcement of a $5.4 billion fundraising plan to purchase Bitcoin.
On June 9, Metaplanet’s stock (3350T) climbed more than 12%, trading at 1,505 yen ($10.42), according to Google Finance. During the session, the stock peaked at 1,641 yen ($11.36), marking a 22% gain.
In a June 6 announcement about its stock acquisition rights program, Metaplanet revised its Bitcoin acquisition target, aiming to buy 210,000 BTC by the end of 2027—ten times its previous goal of 21,000 BTC.
If completed, the acquisition would position Metaplanet as the second-largest public company Bitcoin holder, trailing only Michael Saylor’s firm, Strategy, according to Bitbo data.
Metaplanet’s “$5.5 Billion” Plan
Metaplanet currently holds 8,888 Bitcoin after announcing the acquisition of an additional 1,088 BTC on June 2. Under its new $5.5 billion plan, the company aims to purchase 201,112 more Bitcoin by 2027, with a projected cost exceeding $21 billion. Additionally, Metaplanet has set a target to hold 100,000 Bitcoin by 2026.
Under its previous $21 million plan, Metaplanet aimed to hold 21,000 Bitcoin by the end of 2026, without any definite plans for additional purchases.
Metaplanet made its first Bitcoin purchase announcement on July 22, 2024, which sent its shares up 19% to 173 yen ($1.10). Since that initial buy, the stock price has surged more than 1,744% over the past year.
Strategy Takes the Lead
An increasing number of companies are adding Bitcoin to their balance sheets, with South Korean entertainment firm K Wave Media among the latest, announcing its move on June 4.
According to Bitbo data, corporate Bitcoin treasuries collectively hold over three million Bitcoins, valued at more than $342 billion, out of the 19 million currently in circulation.
An increasing number of companies are adding Bitcoin to their balance sheets, with South Korean entertainment firm K Wave Media among the latest, announcing its move on June 4.
According to Bitbo data, corporate Bitcoin treasuries collectively hold over three million Bitcoins, valued at more than $342 billion, out of the 19 million currently in circulation.
This growing trend has resulted in 61 publicly listed companies now owning a combined 3.2% of the total Bitcoin supply, according to a June 3 report from Standard Chartered.
Stock Shows Mixed Performance Following Bitcoin Purchases
Several companies have seen their stock prices soar after announcing Bitcoin purchase plans. Paris-based crypto firm Blockchain Group began buying Bitcoin on November 5, causing its shares to surge 225% to 0.48 euros ($0.52).
Similarly, Indonesian fintech company DigiAsia Corp nearly doubled its stock price, rising 91%, after revealing plans to raise $100 million for its initial Bitcoin purchases.
However, not all stocks experienced gains. Norwegian crypto brokerage K33 announced on May 28 its intention to buy and hold Bitcoin, but its shares remained mostly flat, declining 1.96%.
Video game retailer GameStop saw its shares jump nearly 12% on March 26 following its Bitcoin purchase announcement. Yet, after making its first purchase of 4,710 Bitcoin, the stock fell 11% on May 11.
