Metaplanet’s Bitcoin Investments Yield $28 Million Gain, Q3 Report Reveals

• Metaplanet currently holds over $88 million worth of BTC and is the nineteenth largest corporate BTC holder in the world.
• Bitcoin’s price has risen over 100% since the start of 2024.
• Metaplanet Inc.’s stock value has increased by over 790% in the past year.

Japan’s Bitcoin (BTC) investment firm, Metaplanet, has reported a solid performance for Q3 2024, more than doubling its BTC acquisitions and scoring big valuation gains.

Metaplanet Up

As per the firm’s latest Q3 2024 report , Metaplanet has seen the value of its BTC holdings leap since it began hoovering up satoshis at the start of 2024.

Furthermore, the firm has increased its holdings by more than double since late Sept., jumping from 492.82 BTC to 1,018.17 BTC as of Nov. 13, 2024.

According to Bitcoin Treasuries , Metaplanet is 19th among the top BTC holding companies in the world. With BTC currently trading at around $87,000, it commands roughly $88.8 million in BTC.

Naturally, with BTC trading up around 35% in the past month, the firm’s strategy has paid off, netting the firm $28 million in valuation gains on its holdings. As noted by Metaplanet CEO Simon Gerovich , that’s a bigger gain than the company’s market cap at the start of 2024.

Stock Up, Revenues Down

According to the latest market data, Metaplanet Inc. stock has been up 793%  for the past year.

The major jumps in value followed the firm’s April 2024 announcement that it would be pivoting toward a BTC investment strategy similar to MicroStrategy.

Since then, it has experienced almost consistent month-on-month gains with each BTC acquisition.

Company revenues are also up 46.3% year-over-year to $1.7 million.

However, despite these increases, Metaplanet reported a net loss of $2.1 million for the first three quarters of 2024, which is a marginal improvement on its $2.7 million figure from the same period in 2023.

Gains were dampened by rises in operational costs in other areas, such as its hotel business, which yielded losses of $1.23 million.

There were also minor Bitcoin valuation losses, which have now been offset thanks to the current bull run.