Metaplanet Makes Largest BTC Purchase to Date Despite Bitcoin (BTC) Price Correction

Despite the recent price decrease, Metaplanet increased its Bitcoin holdings to $168 million. Following a 9.8% drop in Bitcoin’s value over the last week, investors are displaying signals of caution, concerned about the possibility of more losses. Despite this, Japan-based Metaplanet reinforced its trust by purchasing almost 620 BTC. Interestingly, the current buy is its largest Bitcoin purchase yet. 

The largest BTC acquisition in Metaplanet’s history

According to the company’s official press statement, the acquisition was carried out as part of its Bitcoin Treasury Operations and involved the purchase of 619.7 BTC, which is worth around $60.6 million. This recent transaction takes Metaplanet’s total Bitcoin holdings to 1,761.98 BTC, worth over $168 million.

Metaplanet has funded its Bitcoin purchases over the last six months through a variety of capital market activities, including the issue of stock rights and zero-coupon bonds.

The company just raised ¥5 billion ($31.9 million) through its 5th Series of Ordinary Bonds on December 20, 2024. The Tokyo-based investment firm previously announced a separate ¥4.5 billion bond offering, valued at $28.7 million, maturing on June 16, 2025. 

The company recorded a nearly 310% increase in BTC Yield between October 1 and December 23, 2024, indicating considerable growth in Bitcoin holdings relative to fully diluted shares outstanding. Metaplanet appears to have firmly established itself as a prominent player in corporate Bitcoin investment, even though the overall market sentiment remains gloomy. 

The Bitcoin boost

Metaplanet, also known as “Asia’s MicroStrategy,” started acquiring BTC in May, following the strategy of the US-based Bitcoin-focused corporation. The company just reported that it expects to make its first operating profit in seven years, thanks to its April move to employ Bitcoin as a treasury asset.

For fiscal year 2024, it projects a rise in revenue to ¥890 million, worth roughly $5.8 million, from ¥261 million, with an operating profit of ¥270 million. This represented a dramatic turnaround after years of losses. A crucial driver has been its creative use of Bitcoin put options, which raked in ¥520 million. The company also profited from a solid performance at the Royal Oak Hotel in Tokyo.

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