$71k Bitcoin while Asian answer to Microstrategy sees stock soar 600% YTD

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Last Updated on 29 October 2024 by CryptoTips.eu

Bitcoin soared in the beginning of the week to hit $71k again as the cryptosphere finds a positive note again now that we’re counting down to the US election on 5 November. Investors believe that no matter who wins, Bitcoin will touch a new record soon.

Metaplanet, a Japanese company which we covered in July of this year already, is by now being labelled the ‘Asian answer to Microstrategy’.

Just like Michael Saylor’s company, Metaplanet mainly does just one thing: buying Bitcoins. Japanese investors are very enthusiastic about the company’s new strategic direction. When we wrote about Metaplanet in July, their stock had already risen 400% compared to the beginning of the year. In the meantime, that profit has increased to 600%.

MicroStrategy, meanwhile, saw its share price improve by 240% this year. Just yesterday, Microstrategy stock posted another year high.

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Bitcoin treasuries

Ever since Tesla announced in 2021 that it would acquire Bitcoins as a cash reserve, several other companies have followed suit. You can follow the ranking of which companies are the largest Bitcoin Hodlers on ‘Bitcoin treasuries.’

MicroStrategy is of course number 1 and now owns more than 1% of all available Bitcoins. A little further we find the various American Bitcoin mining companies such as Marathon Digital, Riot Platform and CleanSpark. Canadian mining companies such as Hut 8 and Bitfarms also make the top 20.

Meanwhile, the first Asian company on the list has become Japan’s MetaPlanet, which announced in May this year that it would copy MicroStrategy’s business plan.

That plan is actually quite simple: if you have surplus money, buy Bitcoin. Investors in Tokyo have been very enthusiastic all year long. Metaplanet’s average purchase price for their Bitcoins was approximately $61,000. Given the current price, they make a nice profit.

Since the beginning of 2024, Metaplanet’s share has already risen more than 600%.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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