Metaplanet Inc., often referred to as “Japan's MicroStrategy” on crypto twitter, experienced unprecedented success on the Japanese stock market last week. The company has adopted a bitcoin accumulation strategy similar to that of MicroStrategy, which has resulted in a significant increase in the value of its shares.
Adopting MicroStrategy Playbook, Metaplanet Stock Soars Amid Aggressive bitcoin Accumulation
Since the beginning of the week, Metaplanet's share price has skyrocketed, rising 50% in the last two days. The stock went from JPY 41 at Monday's close to JPY 90 on Wednesday. This rapid rise marks two consecutive trading sessions in which metaplanet has reached the maximum daily profits allowed by the Tokyo Stock Exchange (TSE).
Dylan LeClair, Metaplanet's Chief bitcoin Strategy Officer, explained the company's new primary corporate goal: to accumulate as much bitcoin as possible. “We believe this is the most valuable thing we can do for our shareholders,” LeClair said. He emphasized that Metaplanet will explore various options to acquire additional bitcoin, including any opportunities in the capital markets that are deemed beneficial.
On Monday, Metaplanet announced the opportunity to increase its number of authorized shares by 300%, a tactic previously used several times by Microstrategy. By selling new shares, the company can raise funds to buy more bitcoin. This move effectively turns Metaplanet into a bitcoin ETF for Japanese investors, but with no fees.
LeClair further stated: “We plan to continue purchasing bitcoin, regardless of short-term exchange rate fluctuations, given the absolute scarcity of the asset; a stark contrast to the reality of perpetually weakening political currencies.” Over the past year, bitcoin has appreciated 193% against the JPY, reaching a new all-time high against the currency that was devaluing on Monday.
The company's stock price saw an immediate and dramatic rise after it announced its bitcoin treasury strategy last month. Metaplanet's market capitalization skyrocketed from JPY 2 billion (about $13 million) in early April to JPY 14.63 billion (about $93.4 million) today.
Mark Yusko, CEO and CIO of Morgan Creek Capital and member of Metaplanet's board of directors, expressed his support for the company's strategy on Wednesday. “When it comes to Metaplanet, as with bitcoin, the best strategy is to simply buy it,” she tweeted.
Metaplanet's bold move has clearly paid off, positioning the company as a key player in the bitcoin investment space and attracting significant investor attention.
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Metaplanet has stopped with a maximum daily gain of +¥30 (+50%) and, for the second day in a row, is the best performing stock in Japan. twitter.com/hashtag/TSE3350?src=hash&ref_src=twsrc%5Etfw”>#EET3350 twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc pic.twitter.com/Y9F8IAsyyR
—Dylan LeClair (@DylanLeClair_) twitter.com/DylanLeClair_/status/1793124974447743088?ref_src=twsrc%5Etfw”>May 22, 2024
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