Metaplanet Capitalizes On Market Slump By Buying 620 BTC

Metaplanet has made its largest Bitcoin (BTC) acquisition to date, purchasing nearly 620 BTC as the cryptocurrency hovers below $100,000. The massive amount was bought by the Japanese investment firm on December 23rd, marking its biggest single purchase since it began investing in Bitcoin in May, nearly quadrupling its previous record buy of 159.7 BTC on October 28th.

Following the announcement, Metaplanet saw its stock experience a 5% increase on the Tokyo Stock Exchange but has fallen nearly 13% over the past week, according to Google Finance. Despite the recent dip, the stock has skyrocketed more than 2,100% this year as it embraced Bitcoin, hitting a record high of $26 on December 17th.

Fantastic ROI

With this latest purchase, Metaplanet now holds 1,762 BTC, worth approximately $168 million, with an average purchase price of around $75,600 per Bitcoin. The acquisition also propels its Bitcoin holdings to the twelfth largest among publicly traded companies, following behind medical technology firm Semler Scientific.

Metaplanet reported that its Bitcoin Yield between October 1st to December 23rd reached 310%, a substantial increase comparative to the 41.7% yield seen between July to September. The company uses BTC Yield as a metric to evaluate the performance of its Bitcoin acquisition strategy, which aims to benefit shareholders, it explained.

Going Beyond Bitcoin

In a separate announcement on December 18th, Metaplanet projected that it would achieve its first operating profit since 2017, emphasizing its goal to expand beyond simply accumulating Bitcoin as part of its treasury strategy.

The firm disclosed plans to formalize its Bitcoin accumulation and management as a distinct business division, focusing on financial products like loans, equity, convertible bonds, and other instruments to buy and hold BTC. In late November, Metaplanet also announced it intended to raise over $62 million through a stock acquisition program to purchase more Bitcoin for its treasury.