Metaplanet Bets Big on Bitcoin While Shares Take a Hit

This brings their total Bitcoin stash to 1,761.98 BTC, now worth an estimated $169.2 million. The purchase follows a dual-tranche bond issuance held from Dec. 17 to Dec. 20, where they raised funds to grow their BTC portfolio. The timing aligns with Metaplanet’s entry into the US market earlier this month.

Despite this aggressive Bitcoin strategy, the stock fell slightly by 0.93% today, closing at $22.59 (3,540 JPY). However, the shares have skyrocketed more than 2000% since the start of the year.

Metaplanet has been reaping big rewards from its Bitcoin investments. Between July and September 2024, they reported a 41.7% yield, which surged to over 309% in the following quarter. These numbers underline the company’s knack for turning Bitcoin into high returns.

Revenue projections for 2024 paint an optimistic picture. Metaplanet expects to see earnings jump by 240%, hitting $5.8 million (¥890 million), compared to last year’s $1.7 million (¥261 million). Operating profit is also set to recover, with a forecast of $1.8 million (¥270 million), a sharp turnaround from the $3 million loss recorded in 2023.

CEO Simon Gerovich reminded investors that Dec. 26 is the last day to qualify for the company’s Shareholder Benefits Program. This program, launched in November, offers unique perks like entry into a Bitcoin lottery worth 30 million yen. The rewards will be distributed among 2,350 shareholders in collaboration with SBI VC Trade, a partner of Japan’s SBI Holdings.

Metaplanet’s moves suggest they are doubling down on Bitcoin while finding creative ways to keep investors engaged.