Japanese investment firm Metaplanet has acquired nearly 620 Bitcoin in a record-breaking $60 million transaction, doubling down on its cryptocurrency strategy.
A Massive Bitcoin Buy Amid Price Dip
Metaplanet, often referred to as “Asia’s MicroStrategy,” announced on Dec. 23 that it had purchased 619.7 Bitcoin, spending nearly $60 million with Bitcoin trading at approximately $96,000. This marks the firm’s largest single Bitcoin acquisition since it began accumulating the cryptocurrency in May.
This latest purchase nearly quadruples its previous record of 159.7 Bitcoin, bought on Oct. 28, according to Bitbo data. With this transaction, Metaplanet’s total Bitcoin holdings now stand at 1,762 BTC, valued at roughly $168 million. The company’s average acquisition price per Bitcoin is around $75,600.
A Strategic Approach to Bitcoin
The Tokyo-based investment firm ranks as the 12th-largest Bitcoin holder among public companies, just behind medical technology company Semler Scientific. Between Oct. 1 and Dec. 23, Metaplanet reported a staggering Bitcoin Yield (BTC Yield) of 310%, far surpassing the 41.7% yield achieved during the previous quarter.
Metaplanet uses its BTC Yield metric to evaluate its Bitcoin acquisition strategy, which aims to enhance shareholder value.
New Business Focus on Bitcoin
In a bold move to formalize its Bitcoin-centric strategy, Metaplanet announced plans to establish “Bitcoin accumulation and management” as an official business division. This new unit will manage financial tools like loans, equity investments, and convertible bonds to acquire and hold Bitcoin.
On Dec. 18, the firm projected its first operating profit since 2017. It also revealed plans to diversify its Bitcoin usage beyond treasury holdings, signaling a shift towards actively leveraging the cryptocurrency for business growth.
Raising Funds to Buy More Bitcoin
In November, Metaplanet outlined a plan to raise $62 million (9.5 billion Japanese yen) through a stock acquisition program, using the funds to expand its Bitcoin holdings further. Following this announcement, the company’s stock price surged by 5% on the Tokyo Stock Exchange. Despite a 13% dip over the past week, Metaplanet’s shares have skyrocketed over 2,100% this year, reaching an all-time high of 4,080 Japanese yen ($26) on Dec. 17.
Metaplanet’s aggressive Bitcoin strategy positions it as a key player in cryptocurrency adoption among Asian investment firms. With its growing Bitcoin portfolio and plans to expand into financial services around the digital asset, the company is solidifying its reputation as a leader in integrating Bitcoin into traditional finance.
