The post Metaplanet buys average of 34 BTC per day in October Bitcoin buying spree appeared on BitcoinEthereumNews.com.

Tokyo-listed investment firm Metaplanet has expanded its Bitcoin holdings by acquiring an additional 108.786 BTC for ¥1 billion, equivalent to about $6.7 million, at an average price of $61,904 per Bitcoin, as disclosed in a statement on Oct. 7. Since the beginning of this month, Metaplanet has been aggressively increasing its Bitcoin reserves. The firm has acquired around 130 BTC this month, following a 107.91 BTC acquisition on Oct. 1 and a 23.97 BTC premium earned on Oct. 3. Its latest purchase amounts to an average of 34.3 BTC daily purchases throughout October. Metaplanet now holds 639.503 BTC in total. According to its latest report, the company has spent ¥5.96 billion (roughly $40.1 million) on its Bitcoin acquisitions at an average cost of ¥9.32 million ($62,827) per BTC. Following the news of its recent purchase, Metaplanet’s stock surged by around 11% to a peak of ¥1,047 per share (about $7), according to Google Finance. This marks an impressive 517% increase in the company’s share price year-to-date, although it still sits 67% below its all-time high recorded in July. ¥7.5 billion BTC purchase incoming Dylan LeClair, Metaplanet’s director of Bitcoin strategy, announced that the firm plans to acquire an additional ¥7.5 billion (around $50.5 million) worth of Bitcoin by the end of 2024. This is part of the ¥10 billion targeted through the issuance of stock acquisition rights. In August, Metaplanet unveiled its intention to raise ¥10.08 billion (approximately $70 million) by offering its 11th series of stock acquisition rights to all common shareholders. The offer provides one stock acquisition right per share, with an option to buy shares at ¥555 (~$4) between Sept. 6 and Oct. 15. LeClair confirmed that the company has already exercised some of these rights, contributing to its recent Bitcoin purchasing spree. The balance would be…

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Filed under: News - @ October 7, 2024 10:19 am