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    Metaplanet Stock Jumps 12% On Bitcoin Buy Plan

    Anthony M. OrbisonBy No Comments3 Mins Read

    Japanese investment company Metaplanet’s shares spiked on market opening after announcing its plan to raise $5.4 billion to buy Bitcoin last week. 

    Metaplanet’s stock (3350T) shot up over 12% in the June 9 trading session, trading at 1,505 yen ($10.42), according to Google Finance. However, at its peak of the trading session so far, Metaplanet’s stock reached highs of 1,641 yen ($11.36), representing a 22% increase.

    Metaplanet updated its Bitcoin (BTC) acquisition plans to acquire 210,000 BTC by the end of 2027 in a June 6 stock acquisition rights program announcement, increasing its previous target of 21,000 BTC.

    Metaplanet’s stock has spiked 24% in the last five days after the firm unveiled plans to buy a lot more Bitcoin. Source: Google Finance 

    If successful, the acquisition would make Metaplanet the second-largest holder of Bitcoin among public companies, behind Michael Saylor’s company, Strategy, according to Bitbo data. 

    Metaplanet’s “555 million” plan

    Metaplanet holds 8,888 Bitcoin following its latest 1,088 BTC acquisition announcement on June 2.

    As part of its new 555 million plan, the firm will need to buy 201,112 by 2027, at a cost of over $21 billion. By 2026, Metaplanet has flagged plans to hold 100,000 Bitcoin.

    Source: Simon Gerovich 

    Previously, under its 21 million plan, Metaplanet would hold 21,000 Bitcoin by the end of 2026, with no concrete plan for more buys.

    Metaplanet first announced it had bought Bitcoin on July 22, 2024, and its shares went up by 19% to 173 yen ($1.10). In the year since its first buy, the stock price is up by over 1,744%.

    Strategy leads the way

    A growing number of companies have decided to add Bitcoin to their balance sheets, with South Korean entertainment company K Wave Media becoming one of the latest on June 4.

    Corporate Bitcoin treasuries collectively hold over three million in Bitcoin, worth over $342 billion, according to Bitbo data, out of more than 19 million currently in circulation.