Metaplanet makes its largest purchase yet, acquiring 620 Bitcoin during the dip.

On December 23, Metaplanet announced that it had acquired 619.7 Bitcoin at an average price of roughly $96,000 per BTC. This purchase represents a major leap in its Bitcoin holdings, nearly quadrupling the size of its previous record purchase of 159.7 BTC made on October 28, as per data from Bitbo.

Widely regarded as “Asia’s MicroStrategy” due to its aggressive Bitcoin strategy, Metaplanet now holds a total of 1,762 BTC, valued at approximately $168 million at an average acquisition price of $75,600 per Bitcoin. 

With this latest buy, the Tokyo-based investment firm has secured its position as the 12th-largest holder of Bitcoin among publicly listed companies, ranking just behind the medical technology company Semler Scientific.

The firm’s Bitcoin acquisition strategy appears to be yielding impressive results. From October 1 to December 23, Metaplanet reported a remarkable 310% BTC yield, a sharp increase from the 41.7% yield achieved during the July-to-September period. 

This metric, known as BTC yield, is a key indicator the company uses to evaluate the success of its Bitcoin acquisition strategy, which is designed to enhance shareholder value.

In an investor disclosure, Metaplanet announced plans to solidify its Bitcoin accumulation and management activities as a formal business line. This initiative will encompass a range of financial instruments, including loans, equity investments, and convertible bonds, aimed at acquiring and managing Bitcoin more effectively. The company emphasized its intention to move beyond merely using Bitcoin as a treasury asset and integrate it as a core part of its business operations.

On December 18, the firm revealed projections for its first operating profit since 2017, attributing much of this turnaround to its strategic Bitcoin investments. Additionally, Metaplanet’s long-term vision for Bitcoin is underscored by its announcement in late November of a stock acquisition program aimed at raising over $62 million (9.5 billion yen). 

The funds from this initiative are earmarked for further Bitcoin purchases, demonstrating the firm’s commitment to expanding its cryptocurrency holdings.

Metaplanet’s strategy has had a significant impact on its market performance. Following its December announcement, the company’s stock price on the Tokyo Stock Exchange rose by 5%. Despite a 13% decline over the past week, as reported by Google Finance, the firm’s shares have soared by an astonishing 2,100% in 2024. 

This meteoric rise has been fueled by investor enthusiasm for its Bitcoin-focused strategy, culminating in a record-high stock price of 4,080 yen ($26) on December 17.

Metaplanet’s aggressive Bitcoin adoption and strategic pivot towards integrating cryptocurrency into its core operations underscore its growing influence in the market, cementing its reputation as a trailblazer in Asia’s financial landscape.