Get ready for a wild ride, folks! Shares of Metaplanet have gone bananas, skyrocketing a whopping 4,800% in the past year. Why, you ask? Well, it’s all thanks to their brilliant idea of stacking Bitcoin (BTC) like a digital hoarder.
According to Bloomberg data, this jaw-dropping rise in stock price happened as of February 10th, just a few months shy of a year since they announced their Bitcoin treasury strategy in April 2024. 🤑
Metaplanet has been busy, acquiring a total of 1,762 BTC, worth approximately $171 million, as of January 28th. They’ve got their sights set on acquiring up to 21,000 BTC by the end of 2026, which means they’ll own 1/1000th of all Bitcoin that will ever exist. Talk about a Bitcoin billionaire club! 💰
Thanks to their BTC purchases, Metaplanet recently had its first operating profit in seven years. Who needs a pot of gold at the end of the rainbow when you’ve got Bitcoin in your treasure chest? 🌈
Metaplanet is following in the footsteps of Michael Saylor’s Strategy (formerly MicroStrategy), which has been adding BTC to its treasury since August 2020. 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.
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, 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.
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2025-02-10 22:22