Bitcoin Proxy Metaplanet Stock Price Skyrockets 15% amid Share Buyback Disclosure

Metaplanet stock price price surged over 15% on Monday as the fourth-largest Bitcoin treasury announced the status of share buybacks. Bitcoin uptrend also helped trigger stock buying with massive trading volume.

Metaplanet Stock Price Surges 15%

Metaplanet (TYO: 3350), Asia’s largest corporate Bitcoin holder, plans to buyback 150 million shares worth 75 billion JPY under the share repurchase program announced last year.

In the latest filing on January 5, the company revealed it has yet to acquire shares as it focused on its EGM for its disciplined capital allocation policy to buy more BTC. Meanwhile, the number of treasury shares held has increased to 26,311.

As CoinGape reported earlier, CEO Simon Gerovich confirmed that the share buyback will help enhance capital efficiency and maximize BTC yield. Notably, the share repurchase program will help prevent another dip in mNAV below 1x. Currently, the mNAV, the ratio of enterprise value to the market value of Bitcoin holdings, sits at 1.11.

Metaplanet stock (TYO: 3350) price closed 15.56% higher at 468 JPY. The intraday low and high were 433 and 485 JPY. Also, the 24-hour trading volume increased to 56 million, significantly higher than the average volume of almost 31 million.

According to Yahoo Finance, the stock price has climbed almost 20% in a month and 35% in a year as the company plans to reach 100,000 BTC holdings by 2026-end. Metaplanet last acquired 4279 BTC for $451 million to expand its holdings to 35,102 BTC.

Bitcoin Price Builds Upside Momentum

Bitcoin price has climbed by more than 2% over the past 24 hours, currently trading at $92,468. The 24-hour low and high were $90,877 and $93,204, respectively. Trading volume increased by 40% in the last 24 hours.

Bitcoin saw upside momentum as it broke above the 50-day moving average for the first time since October. The US operation in Venezuela also triggered a jump as Venezuela’s $60 billion BTC holdings could be added to the U.S. strategic Bitcoin reserve. This has also help maintain buying pressure on Metaplanet stock.

The total open interest of Bitcoin contracts across all crypto exchanges surpassed $60 billion after almost a month. The 24-hour BTC futures open interest jumped 1.43% on CME and 0.50% on Binance.