Metaplanet announced Monday that it has seen a $28 million jump in its Bitcoin holdings since it began buying the asset, surpassing the company's market capitalization at the start of the year.
As of late September, the Tokyo-based firm has more. It has doubled. Bitcoin purchases increased from 492.82 BTC to 1,018.17 BTC in mid-November. Q3 financial report.
It's a strategy that's proven to work well for the company as it comes amid a new crypto rally this year. Bitcoin has risen more than 105% this year to $87,000.
In October alone, Metaplanet bought more than 156 BTC for $10 million, bringing the cumulative investment in the world's largest crypto to $64 million.
Dubbed “Asia's Micro Strategy,” Metaplanet is exploring. Bitcoin It seeks to generate premium income through options trading, increase operating income and expand holdings using cash or Bitcoin as collateral.
Last month, Metaplanet Adoption A metric similar to MicroStrategy's “BTC Yield” as an official Key Performance Indicator (KPI) to evaluate how Bitcoin purchases return a shareholder.
“We intend to continue to increase our capital market activities and Bitcoin holdings When operating income is appropriate, “Metaplanet wrote in Report.
While the value of Bitcoin holdings has increased, Metaplanet has It reported a net loss of $2.1 million for the nine months ended September 30, 2024.
But revenue grew 46.3% year-over-year to $1.7 million, driven by Metaplanet's hotel business and digital assets venture. The company raised more than $26.7 million in stock offerings and bond offerings this year, according to the company's financial reports.
Metaplanet shares fell 5% on Tuesday, with shares down to 1,766 JPY (US$11.41) in early Asian hours.
Edited by Sebastian Sinclair.
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