Metaplanet Stock Skyrockets 12% on Bitcoin-Backed Yield Product Launch Plans

Varinder Singh
Varinder Singh

Varinder Singh

Independent Sr. Journalist
Expertise : Bitcoin, Crypto, Global Macro, DeFi, Blockchain, Web3, US Stocks, AI, Regulations and Lawsuits, & More
Varinder is a seasoned leader in the fintech and crypto media with over 12 years of experience, including over 6 years dedicated to blockchain, crypto, and Web3 developments. He is known for covering high-impact and quality news stories for publishers such as CoinGape, The Coin Republic, and The Crypto Times, while perfecting and training multiple journalists during his tenure. Being a Master of Technology degree holder, analytics thinker, and tech enthusiast, he has shared his knowledge of disruptive technologies in over 6000 news articles and papers.
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Metaplanet Stock Skyrockets 12% on Bitcoin-Backed Yield Product Launch Plans

Highlights

  • Metaplanet stock surged more than 12% on Monday.
  • The rise comes after the company announced Bitcoin-backed yield product launch plans.
  • Bitcoin price rebound also helped bring upside momentum in the stock.

Metaplanet stock (TYO: 3350) has skyrocketed more than 12% today. The sharp surge comes amid growing investor excitement over the company’s plans to launch Bitcoin-backed yield products and the US-Iran peace deal.

Metaplanet Stock Surges Over 12% Today

Metaplanet, Asia’s largest public Bitcoin treasury, closed 12.07% higher at 260 JPY on June 15, according to Google Finance data. The intraday low and high were 247 and 262 JPY, respectively. Trading volume was 24 million, significantly below the average of almost 28 million.

The latest surge helped reduce the growing losses in the Metaplanet stock. However, the stock is still down almost 20% in a month and 44% year-to-date (YTD) amid broader volatility in Bitcoin treasury companies.

Metaplanet Stock Price
Metaplanet Stock Price. Source: Google Finance

As CoinGape reported earlier, Metaplanet CEO Simon Gerovich commented on potential share buybacks as mNAV slipped. Also, the company announced a $5.4 million advanced capital allocation to pay dividends on its MERCURY perpetual preferred stock.

According to Metaplanet’s official Bitcoin Strategy Tracker, the company currently holds 40,177 BTC, with a Bitcoin NAV of almost $2.64 billion. Notably, the firm currently sits at an unrealized loss of almost $1.54 billion on its Bitcoin holdings amid market uncertainty.

Bitcoin-Backed Yield Product Launch Plans

The latest rise in Metaplanet stock stemmed from the recent acquisition of Siiibo Securities for $13 million. This granted the company a Type I financial instruments business license, enabling it to directly offer Bitcoin-related yield products to investors in Japan.

The company revealed that the acquisition is likely to be completed by July. Upon completion, the company intends to rebrand the acquired firm as Metaplanet Securities Co. Ltd.

Gerovich said the new subsidiary will be used to offer investors new investment products related to Bitcoin. He added that the firm will use the unit to serve as the basis for regulatory and operational licensing.

The company earlier announced Metaplanet Prefs program of perpetual preferred equity backed by Bitcoin and ambitions to create a Bitcoin-backed yield curve for Japanese institutional investors. The company also plans to boost Bitcoin yield per share for its stockholders.

Metalpanet stock also jumped after a rise in Bitcoin price in anticipation of the US-Iran peace deal. Bitcoin price is currently trading more than 2% higher near $65,700. Trading volume has also jumped by more than 50% over the past 24 hours, indicating a rise in interest among traders.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder is a seasoned leader in the fintech and crypto media with over 12 years of experience, including over 6 years dedicated to blockchain, crypto, and Web3 developments. He is known for covering high-impact and quality news stories for publishers such as CoinGape, The Coin Republic, and The Crypto Times, while perfecting and training multiple journalists during his tenure. Being a Master of Technology degree holder, analytics thinker, and tech enthusiast, he has shared his knowledge of disruptive technologies in over 6000 news articles and papers.