- Metaplanet stock surged 10.6% following a 1,004 BTC acquisition funded through debt, mirroring Strategy’s Bitcoin-driven investment model.
- Strategy expanded its Bitcoin portfolio to over 576,000 BTC after a $765 million purchase, despite facing a shareholder lawsuit.
- CEO Simon Gerovich reinforced Metaplanet’s direction as Michael Saylor spotlighted the firm’s gains, hinting at further Bitcoin moves.
Tokyo-based Metaplanet Inc. saw its stock climb by 10.6% to 783 JPY within 24 hours after confirming a major Bitcoin acquisition. The company disclosed its purchase of 1,004 BTC for approximately $104.3 million, raised through debt issuance. This move aligns with the Bitcoin accumulation approach used by Strategy, led by Michael Saylor.
Michael Saylor, executive chairman of Strategy, drew attention to Metaplanet’s surge through a TradingView stock chart. His tweet indirectly suggested that more Bitcoin acquisitions could be expected. Simon Gerovich, CEO of Metaplanet, responded by reinforcing the firm’s focus, stating, “Bitcoin is the key. Metaplanet unlocked.”
Metaplanet Follows Strategy’s Bitcoin Playbook
Since adopting its Bitcoin-focused direction, Metaplanet now holds a total of 7,800 BTC. Its holdings are currently valued at over $802.9 million. The firm has mirrored Strategy’s approach of using debt to increase Bitcoin exposure.
While Metaplanet gained market traction, Strategy reported another large-scale purchase. The company acquired 7,390 BTC, spending approximately $764.9 million. This brings its total holdings to 576,230 BTC, now worth more than $60.56 billion.
Investor Lawsuit Filed Against Strategy Executives
Shortly after the purchase, Strategy was hit with a class action lawsuit. Investors accused the company and its top executives, Michael Saylor, CEO, Phong Le, and CFO Andrew Kang, of issuing misleading statements about their Bitcoin strategy. The company stated its intent to defend against the claims.
Despite legal challenges, Strategy reported a 4.8 percent yield from its Bitcoin strategy, resulting in a dollar gain equivalent of $2.7 billion. However, its stock dropped by 2 percent in premarket trading following news of the lawsuit.
