Key Takeaways
- Metaplanet acquired 619.7 BTC for $60 million.
- The firm now holds 1,762 BTC worth $168 million.
- Plans include raising $62 million to grow Bitcoin holdings further.
Japanese investment firm Metaplanet has made its largest Bitcoin purchase to date, acquiring 619.7 BTC for $60 million on Dec. 23.
The acquisition comes as Bitcoin trades below $100,000, marking a significant milestone for the Tokyo-based company, often referred to as:
Asia’s MicroStrategy.
Growing holdings
This purchase quadruples Metaplanet’s previous record buy of 159.7 BTC on Oct. 28, bringing its total Bitcoin holdings to 1,762 BTC, worth approximately $168 million.
The firm’s average acquisition cost is estimated at $75,600 per Bitcoin. With this purchase, Metaplanet now holds the 12th-largest Bitcoin reserve among public companies, trailing behind medical tech firm Semler Scientific.
Performance metrics
Metaplanet’s BTC yield soared to 310% from Oct. 1 to Dec. 23, significantly outperforming its 41.7% yield in the previous quarter.
The company uses BTC yield metrics to evaluate its Bitcoin strategy’s effectiveness, describing the approach as accretive to shareholder value.
Future plans
The firm recently announced plans to raise over $62 million through a stock acquisition program to further enhance its Bitcoin reserves.
It also aims to expand beyond treasury acquisitions by establishing Bitcoin management as a formal business line, including loans, equity, and convertible bonds.
Stock performance
Despite a 13% weekly drop, Metaplanet’s stock price surged by 5% following this announcement and is up over 2,100% in 2024, reaching an all-time high of ¥4,080 ($26) on Dec. 17.
