Earlier today, the Metaplanet stock price shot up by 14% moving all the way to 1,600 JPY levels in a massive breakout. This comes as the Japanese firm has been on a Bitcoin buying spree this month as it accelerated the Bitcoin adoption strategy of MicroStrategy. By adopting Michael Saylor’s BTC blueprint, the company’s shareholders have benefitted significantly over the past few months.
Metaplanet Outperforms Bitcoin in October Rally
Over the past month, the Metaplanet stock has surged by a staggering 57% thereby outperforming Bitcoin’s 12.48% monthly gains by a margin of more than 4x. However, most of the gains in the stock have come just over the past week as the Japanese firm extended its Bitcoin holdings to more than 1,000 recently.
The Japanese firm’s Bitcoin acquisition has led to a major boost in the BTC yield shooting up from 41.7% in the third quarter to more than 155% in the month of October. Over Q3 2024, Metaplanet’s Bitcoin holdings have more than doubled.
Adopting a page from the MicroStrategy Bitcoin blueprint, the firm also raised 10 billion yen recently by conducting the Metaplanet stock sale. As a result, the year-to-date gains of the stock have surged past more than 800% even beating MicroStrategy stock’s 276% gains.
With today’s rally, the Metaplanet stock has given an important breakout above $1530 levels. If it continues to hold these levels, it might continue the rally further to 1863 JPY, and even beyond to 3,000 JPY, the levels it attained in May 2024 after its first Bitcoin purchase.
Michael Saylor’s BTC Blueprint Is Working
MicroStrategy (NASDAQ: MSTR) shareholders have immensely benefitted ever since the company adopted the Bitcoin strategy back in September 2020. The MSTR stock price has been up by 1580% since then and is currently trading at its all-time high level of around $250.
The MSTR stock has also appreciated by 53% over the past month beating the Bitcoin returns. The trading volume for MicroStrategy shares has even surpassed a majority of the magnificent seven firms in the past few days. Furthermore, the newly launched 2x leveraged MicroStrategy ETF (MSTU) has clocked more than $1 billion in AUM within just six weeks of launch.
$MSTR on the volume leaderboard again at #5👇 Ahead of 5 of the Magnificent 7: $META $AAPL $MSFT $GOOG $AMZN pic.twitter.com/Fr1cNvTQLw
— HODL15Capital 🇺🇸 (@HODL15Capital) October 29, 2024
MicroStrategy executive chairman Michael Saylor has been very actively sharing his Bitcoin blueprint with big corporations. Recently, Saylor also pitched Microsoft to adopt his strategy of putting BTC on their balance sheets and boosting their shareholders’ wealth by another trillion dollars.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/news/stocks/metaplanet-stock-price-shoots-14-outperforming-bitcoin-thanks-to-michael-saylor/
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