$BTC Metaplanet's shares soar after announcing its plan to raise $5.4 billion to buy BTC

Metaplanet expects to purchase 210,000 BTC by the end of 2027, which would make it the second-largest Bitcoin holder among listed companies.

Shares of the Japanese investment firm Metaplanet surged at the start of the trading session after announcing last week its plan to raise $5.4 billion to buy BTC.

Metaplanet shares (3350T) soared more than 12% in the trading session on June 9, trading at 1,505 yen ($10.42), according to Google Finance. However, at its peak during the trading session so far, Metaplanet shares reached highs of 1,641 yen ($11.36), representing a 22% increase.

If successful, the acquisition would make Metaplanet the second-largest Bitcoin holder among listed companies, behind Michael Saylor's company, Strategy, according to Bitbo data.

As part of its new plan of $555 million, the company will need to purchase 201,112 by 2027, at a cost exceeding $21 billion. By 2026, Metaplanet has announced its plans to hold 100,000 Bitcoin.

More and more companies have decided to add BTC to their balance sheets, and the South Korean entertainment company K Wave Media became one of the latest to do so on June 4.

The trend of the Bitcoin reserve strategy has led to 61 publicly listed companies now owning 3.2% of all Bitcoin that will ever exist, according to a report from June 3 by Standard Chartered.

Mixed results for shares after Bitcoin purchase.

Other companies have also seen their shares soar after announcing their Bitcoin purchase plans. The cryptocurrency company Blockchain Group, based in Paris, began buying BTC on November 5 and its shares surged 225%, reaching €0.48 ($0.52).