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Investing.com-- Metaplanet Inc (TYO:3350) shares rallied on Thursday after the Japanese hotelier-turned-Bitcoin treasury announced a $620 million purchase of the coin, making it the fourth-largest corporate holder of Bitcoin.
The company also upgraded its 2025 guidance for revenue and operating profit, helping its shares rebound from a near five-month low.
Metaplanet shares rose as much as 17% to 615.0 yen in Tokyo trade, tracking a sharp rebound in Bitcoin prices this week.
The firm said on Wednesday it had purchased 5,288 Bitcoin for $615.7 million at an average price of $116,870 per coin. This brought its total holdings to 30,823 Bitcoin, allowing Metaplanet to overtake Riot Platforms (NASDAQ:RIOT), Bullish Inc (NYSE:BLSH), and Bitcoin Standard Treasury Co and become the fourth-largest corporate holder of the coin.
Metaplanet hiked its annual revenue guidance to $46.3 million and operating profit outlook to $31.97 million, up roughly 100% and 88% from its prior estimates, reflecting substantially higher returns on the company’s Bitcoin holdings.
Metaplanet ramped up its Bitcoin purchases over the past year, funding them chiefly through new capital issuances. The strategy is largely in line with that followed by Strategy (formerly MicroStrategy(NASDAQ:MSTR)), the biggest corporate Bitcoin holder in the world.
But Metaplanet and other Bitcoin treasuries were nursing steep share losses over the past month, amid growing questions over the long-term viability of the corporate Bitcoin strategy.
Bitcoin prices had also tumbled on these doubts, although the world’s biggest crypto staged a strong recovery this week.