Japanese Bitcoin-focused firm Metaplanet has significantly increased its crypto portfolio following its recent US market expansion.
On Dec. 23, the company, listed on the Tokyo Stock Exchange and trading on the US OTCQX Market as MTPLF, said it acquired 619.70 BTC for 9.5 billion yen ($60.7 million). This purchase increases its total Bitcoin holdings to 1,761.98 BTC, currently valued at $169.2 million.
The firm’s latest Bitcoin purchase follows its dual-tranche bond issuance between Dec. 17 and Dec. 20, raising 9.5 billion yen from EVO Funds to purchase additional BTC investments. This strategic move comes shortly after Metaplanet began trading on the US OTCQX Market on Dec. 19.
Despite these developments, its stock value dipped by 0.93% today, closing at $22.59 (3,540 JPY), according to data from Google Finance. Nevertheless, the shares are up more than 2000% year-to-date.
Aside from the stock performance, Metaplanet’s Bitcoin strategy continues to deliver results. Between July and September 2024, the company reported a yield of 41.7%, which surged to an impressive 309.82% in the following quarter. These gains show how the company maximizes returns through its active Bitcoin investments.
Moreover, the company projected a remarkable 240% increase in annual revenue for 2024, with earnings expected to reach $5.8 million (¥890 million). This marks a significant turnaround from last year’s $1.7 million (¥261 million).
The company also anticipates a $1.8 million (¥270 million) operating profit, rebounding from the $3 million (¥468 million) loss recorded in 2023.
Investor incentives
Metaplanet CEO Simon Gerovich has reminded investors that Dec. 26 is the final date to purchase shares to qualify for the company’s Shareholder Benefits Program.
According to him:
“Please note that the last day to purchase shares to be eligible for the shareholder benefits program is December 26 (the last entitlement date).”
The program, launched in November, offers unique rewards, including entry into a Bitcoin lottery where 30 million yen worth of Bitcoin will be distributed to 2,350 shareholders through a lottery system. This is designed to attract long-term investors and strengthen the firm’s engagement with its shareholders.
This initiative is supported by a partnership with SBI VC Trade, a subsidiary of Japan’s financial giant SBI Holdings.