Metaplanet among top-performing Japanese stocks with a 740% YTD growth.
Metaplanet’s involvement in Bitcoin has boosted it's stock price significantly. In May, the company adopted Bitcoin as a strategic reserve asset due to economic pressures in Japan.
Metaplanet, a Japanese investment firm, ranks second on TradingView’s list of top-performing stocks in Japan. The firm has registered an outstanding year-to-date performance of 740%, ranking second behind Beat Holdings Limited, which currently claims the top position with a 980% performance metric.
Metaplanet’s performance is heavily attributed to its decision to adopt Bitcoin as part of its reserve asset.
Metaplanet stock is currently retailing at 1,596 yen (approximately $10.45 at current rates) and is up 12% in the last 24 hours. According to data from price-tracking software TradingView, the company’s trading volume in the last 24 hours settled at 4.956 million yen.
Metaplanet currently holds 1018 Bitcoin worth approximately $71,38 million at current market prices. The company’s average cost of 1 BTC is $62,854, and the PnL of the holdings sits at 11.52% at the time of this publication.
The company ranks nineteenth on Bitcoin Treasuries’ top companies with the largest Bitcoin holdings.
The company actively purchased Bitcoin on seven different occasions in October. The highest purchase involved 156 Bitcoin on October 28th, which is the highest single-day purchase the company has made so far.
Metaplanet is publicly traded on the Tokyo Stock Exchange and has diversified business experience in financing, trading, and real estate. The company recently reorganized its focus to buying Bitcoin in a bid to enhance shareholder value amid rising economic uncertainty in Japan that has caused increased volatility in the country’s fiat currency.
The yen is set to continue being volatile following analysts’ speculations that the Bank of Japan will likely stay on its course. A rate hike is expected in December or early next year.
In August, the company said it had secured a 1 billion yen loan ($6.8 million) from British Virgin Islands-based MMXX Ventures with a 0.1% annual interest that would be dedicated to accumulating more Bitcoin.
The company also sold put options yielding 23.97 Bitcoin worth $1.4 million at the time to Singaporean digital asset trading firm QCP Capital.
According to data from Bitcoin Treasuries, the company has 252,220 Bitcoin books valued at approximately $17.67 billion. Microstrategy’s average Bitcoin purchase price is $39,266.
In Other News, Nvidia (NVDA) just landed a spot on the Dow Jones Industrial Average, kicking Intel out and sealing its dominance in the semiconductor world.
Starting November 8, Nvidia will be part of the 30 stocks that define the DJIA, bringing AI into the blue-chip mix. And Intel’s exit is tied to its lagging performance.
Shares took a 1% dip after the news, while Nvidia’s rose by the same amount. Nvidia’s stock has already exploded by 170% this year after a 240% climb last year, shooting its market cap to a crazy $3.3 trillion—second only to Apple.
AI is the core reason behind this growth. Tech giants like Microsoft, Meta, Google, and Amazon are on a buying spree for Nvidia’s GPUs, especially the H100, to build massive AI infrastructures.