Japan’s Metaplanet shares surge… “If it rises another 5%, it could buy Bitcoin”
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Summary
- Metaplanet shares surged, rising about 15% from the previous session to ¥605.
- It said that if the stock reaches ¥637, the Moving Strike Warrant (MSW) program to fund Bitcoin purchases could be reactivated.
- It noted Metaplanet’s mNAV was 1.36, and its Bitcoin holdings were about 35,000, making it Asia’s largest treasury company.
Shares of Metaplanet, Asia’s largest Bitcoin (BTC) treasury company, surged.
According to CoinDesk on the 14th (local time), Metaplanet’s shares closed at ¥605 on the day, up about 15% from the previous session. CoinDesk said, “If the stock reaches ¥637—about 5% above the current level—it would be nearing the trigger threshold for the so-called ‘Moving Strike Warrant (MSW)’ program to be reactivated.”
The MSW is a program that allows Metaplanet to issue new shares to fund Bitcoin purchases once its share price hits a certain level. The program was temporarily suspended to protect shareholders after Metaplanet’s stock plunged nearly 80% following a record high in June last year.
Metaplanet’s mNAV (market value relative to the value of its Bitcoin holdings) is also rising. CoinDesk said Metaplanet’s mNAV stood at 1.36 as of the day, the highest in about three months since October last year.
Metaplanet began in 2010 as a hotel operator but reinvented itself as a Bitcoin treasury company in April last year. As of the day, the company held roughly 35,000 bitcoins, the largest among Asian companies. CoinDesk said it has “the fourth-largest Bitcoin holdings among listed companies worldwide.”
