Metaplanet on Track to Accumulate 1,000 BTC

Metaplanet, the Tokyo-listed investment company known for continuing Bitcoin purchases, is well on track to hit its 1,000 BTC target after acquiring an additional 106.976 BTC this week.

The Tokyo-listed company just made the fourth Bitcoin purchase this month amid a market rally.

Metaplanet’s Bitcoin stash now stands at 855.478 BTC. At Bitcoin’s current price of $65,900, the company’s holdings are valued at around $56 million. Metaplanet’s average purchase price was around $62,500.

Stacking!

The company may not sell its Bitcoin anytime soon. According to Simon Gerovich, CEO of Metaplanet, the company plans to buy more BTC to reach its target of 1,000 BTC. With over 855 BTC in its reverses, Metaplanet only needs to acquire another 144.5 BTC to complete its mission.

The latest BTC purchase marks the company’s fourth acquisition this month. Earlier this month, the company added 238.9 BTC, with the majority coming from two purchases and around 23.9 earned from selling put options.

Metaplanet has consistently acquired Bitcoin throughout the year. As part of its strong commitment to its investment strategy, the company has established partnerships with major firms like SBI Group to enhance crypto asset trading and custody.

The company also adopts MicroStrategy’s Bitcoin playbook, using alternative instruments, such as selling Bitcoin put option, to fund its Bitcoin purchases.

MicroStrategy has conducted several equity offerings, selling new shares of common stock to raise capital. The largest corporate holder uses proceeds from these offerings to bag more Bitcoin. MicroStrategy has also issued debt, such as convertible bonds, to raise capital.

Metaplanet’s aggressive investment strategy has resulted in a remarkable increase in its stock price. The company’s shares, trading under the 3350.T ticker, has surged 550% year-to-date. The price hit its peak of 3,000 JPY on July 24. Following the latest announcement, Metaplanet stock jumped over 15% to 1,105 JPY, per Yahoo Finance.

Bitcoin Tops $66,000

The new purchase comes amid Bitcoin’s resurgence, with price topping $66,000 on Monday, its highest price since July 30. At press time, BTC is changing hands at around $65,500, up 2% in the last 24 hours, per CoinGecko.

Bitcoin’s price rally positively impacted publicly traded crypto-linked firms. CleanSpark (CLSK) closed Monday with an over 12% increase, becoming the day’s top performer.

Meanwhile, Coinbase (COIN) gained 11.3%, reaching a seven-week high. IREN (IREN), TeraWulf (WULF), and MARA Holdings Inc (MARA) each saw double-digit percentage point gains. Other gains were also observed from Semler Scientific and Block Inc.

In contrast, MicroStrategy (MSTR) and Core Scientific (CORZ) saw a decline in their stock prices. MSTR recently surged over 10% after Michael Saylor revealed plans to make the company the leading Bitcoin bank.

Recent breakthroughs have analysts speculate about the so-called “Uptober,” based on Bitcoin clearing key support levels. Dan Tapiero, a known macro-focused analyst, suggests that Bitcoin may soon cross the $70,000 mark.

Historical patterns also support the theory of further gains in October and extended rally in Q4. As Bitcoin approaches two-week highs, the market shows renewed optimism for “Uptober,” with bullish narratives like Trump’s rising Polymarket odds and MicroStrategy’s Bitcoin bet.

Historically, October has been a strong month for Bitcoin, with average gains of around 20%. Apart from the U.S. presidential elections, the easing of global monetary policy, particularly the Fed’s adjustment and China’s stimulus plan, could help boost optimism and liquidity, which have historically favored Bitcoin’s performance.

With huge money flowing out of China, assets will be bid. Whether or not the higher prices stick has yet to be seen. Liquidity is key, and a selling panic in major markets would kick cryptos lower.

However, industry watchers believe that geopolitical tensions, particularly related to the US elections and the Middle East conflict, could temper economic optimism and temporarily disrupt crypto markets. Bitcoin had dipped below $60,000 earlier this month on news of Iran’s sudden strikes on Israel.