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Metaplanet shares have risen 4,800% as the company, known as “Asia’s MicroStrategy,” has stacked Bitcoin.
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Shares of Metaplanet have skyrocketed over the past year as the company has consistently added Bitcoin (BTC) to its treasury, emulating the moves of Michael Saylor’s Strategy (formerly MicroStrategy).
According to Bloomberg data, the company’s stock has risen 4,800% in the past 12 months as of Feb. 10 — nearly a year after it announced its Bitcoin treasury strategy in April 2024.
Metaplanet stock price rise over the past year. Source: Bloomberg
According to Metaplanet, it has acquired 1,762 BTC, worth approximately $171 million, as of Jan. 28. It plans to acquire up to 21,000 BTC by the end of 2026, which means it would own 1/1000th of all Bitcoin that will ever exist. Aided by its BTC purchases, Metaplanet recently had its first operating profit in seven years.
Related: Metaplanet plans to raise over $700M to buy Bitcoin
The company is following in the footsteps of Strategy, which has been adding BTC to its treasury since August 2020. Since then, Saylor’s company has soared from a share price of $13.49 to $332.60 at the time of this writing. Other companies, such as Semler Scientific, have also adopted this strategy, sometimes sparking enthusiasm and a rise in share prices and sometimes not.
According to a presentation of its Bitcoin plans, the number of Metaplanet shareholders grew 500% in 2024, with 50,000 people or entities investing in the company. Its market capitalization also grew by more than 6,300% during the same period, according to data from Stock Analysis.
Related: Michael Saylor’s Strategy bags first Bitcoin purchase under new name
Observers have increasingly seen Bitcoin as a strong alternative to holding cash on balance sheets and as a hedge against inflation. At least 16 states in the US have introduced legislation to start a BTC reserve, and various countries, including the US and Czechoslovakia, are exploring BTC as a reserve asset as well.
According to CoinGecko, at least 32 publicly traded companies hold BTC on their balance sheets. Some are native crypto companies, such as miners, while others are more traditional companies.
Bitcoin has risen 133% in the past 52 weeks, partially under the power of these tailwinds. According to CoinMarketCap, BTC has a 60.5% market dominance, trending upward since reaching a low of 38% in December 2022.
Related: Bitcoin’s role as a reserve asset gains traction in US as states adopt
This article first appeared at Cointelegraph.com News
