Key Takeaways
- Metaplanet has purchased another $2.5 million of Bitcoin.
- The firm now holds 203.73 BTC at an average price of $62,000 per coin.
- Metaplanet plans to issue bonds to raise more funds for Bitcoin investments.
Metaplanet, a Japanese investment and consulting firm, has continued to expand its Bitcoin holdings by purchasing an additional $2.5 million worth of Bitcoin. This recent acquisition, announced on July 7, increases Metaplanet’s total Bitcoin holdings to 203.73 BTC.
Despite a downturn in Bitcoin prices, Metaplanet bought 42.47 BTC for 400 million yen, or approximately $2.5 million. The average purchase price for these coins was around 10 million yen ($62,000) per coin, about 7% higher than the current market price.
Metaplanet first adopted Bitcoin as a treasury asset in April 2024, purchasing $6.5 million worth of Bitcoin. This decision was influenced by industry leaders such as Mark Yusko of Morgan Creek Capital and Jack Liu of Ordiswap, along with companies like Sora Ventures and UTXO Management.
Metaplanet’s aggressive Bitcoin acquisition strategy has drawn comparisons to MicroStrategy, which began buying Bitcoin in 2020. As of June 24, MicroStrategy owns 226,331 BTC, purchased for $7.538 billion, averaging $35,158 per coin.
However, Metaplanet’s bold move into Bitcoin has also affected its stock price. Initially, the company’s stock surged 90% following the announcement of its Bitcoin investments. Yet, the stock has since fallen by 25% amid Bitcoin’s price drop from $70,000 to below $60,000. Currently, Metaplanet’s stock is trading at 80 yen ($0.50), a 344% increase since the beginning of 2024.
In June, Metaplanet announced plans to issue 1 billion yen ($6.26 million) in bonds to further invest in Bitcoin, mirroring MicroStrategy’s strategy of using convertible notes to fund Bitcoin purchases.
