Metaplanet shares jump after $5.4B plan to buy Bitcoin

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 $107,109) 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.

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.

The Bitcoin reserve strategy trend has led to 61 publicly listed firms now holding a combined 3.2% of all Bitcoin that will ever exist, a June 3 report from Standard Chartered found. 

Mixed results for the stock after Bitcoin buys

Other companies have also seen their stock prices surge after announcing their Bitcoin buying plans. Paris-based crypto company Blockchain Group started buying Bitcoin on Nov. 5, and its stock spiked 225% to 0.48 euros ($0.52).

Meanwhile, shares in the Indonesian fintech firm DigiAsia Corp nearly doubled, rising 91%, after the company said it plans to raise $100 million to seed its first of many Bitcoin buys.

However, not all have experienced the spike. Norwegian crypto brokerage firm K33 announced on May 28 its intent to buy and hold the cryptocurrency, but its share price traded flat, down 1.96%.

Video game retailer GameStop shares jumped nearly 12% on March 26 after the company announced plans to purchase Bitcoin. However, it dropped 11% on May 11 after the retailer made its first purchase of 4,710 Bitcoin.