Metaplanet acquires additional 108 BTC in efforts to dethrone Meitu as Asia’s top Bitcoin holder

Metaplanet's quest for 1000 BTC is fuelling a remarkable 500% stock rally.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Japanese investment firm Metaplanet has increased its Bitcoin holdings to over 700 BTC after its latest acquisition of the top crypto asset.

On Oct. 11, Metaplanet confirmed the purchase of an additional 108.999 BTC for ¥1 billion. The firm acquired the Bitcoin at an average price of ¥9.17 million, roughly $61,659.

This marks Metaplanet’s third Bitcoin purchase in October, bringing its total holdings to 748.502 BTC, valued at ¥6.965 billion or $46.8 million.

On Oct. 1, the firm purchased 107.91 BTC for around $7 million and later earned a 23.97 BTC premium by selling 233 BTC put options on Oct. 3. Fast-forward to Oct. 7, and the firm also acquired an additional 108.786 BTC for ¥1 billion, equivalent to about $6.7 million.

Metaplanet revealed its average price for all of its Bitcoin is ¥9.3 million, approximately $62,504 per BTC. So, with Bitcoin’s current trading at around $60,600, the firm is currently facing a slight loss of around $1,900 on each of its Bitcoins.

Despite this, the acquisition has influenced Metaplanet’s stock performance. According to Google Finance data, the company’s stock has risen by around 500% on the year-to-date metrics.

Meanwhile, Metaplanet’s aggressive buying strategy positions it as a leading Bitcoin holder in Asia. Notably, Metaplanet CEO Simon Gerovich recently revealed the company’s goal of accumulating at least 1,000 BTC for its reserves.

So, if it continues at this pace, it could surpass Hong Kong-based Meitu Inc., which holds 940.9 BTC, to become the largest publicly traded Bitcoin holder in the region.

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