Japanese investment firm Metaplanet has executed its largest Bitcoin acquisition to date, acquiring 619.7 Bitcoin for just under $60 million as the cryptocurrency hovers below $100,000. This move marks a significant increase in their investment strategy, as the company had previously recorded a high of 159.7 Bitcoin in October. The recent purchase aligns with Metaplanet’s aggressive approach towards cryptocurrency investment since it began purchasing Bitcoin in May.
With this latest acquisition, Metaplanet now holds a total of 1,762 Bitcoin , valued at approximately $168 million. The firm has gained attention and been likened to its American counterpart, often referred to as “Asia’s MicroStrategy.” Currently, Metaplanet ranks as the twelfth largest holder of Bitcoin among public companies, trailing behind the rank of prominent medical tech firms.
In terms of performance, the firm reported a Bitcoin Yield of 310% from October 1 to December 23, a notable rise from the 41.7% yield recorded in the previous quarter. This metric is utilized to evaluate the efficiency of their Bitcoin acquisition strategy, which aims to create additional value for shareholders.
In December, Metaplanet also announced plans to diversify its business model beyond merely acquiring Bitcoin , laying out intentions to establish a formal line of business focused on “ Bitcoin accumulation and management.” This would encompass various financial instruments, including loans and equity, to facilitate further investments in Bitcoin .
The company’s stock experienced a brief 5% increase on the Tokyo Stock Exchange following the news of its latest purchase. However, it has seen a downturn of nearly 13% over the past week. Nonetheless, shares have dramatically surged more than 2,100% this year as a result of its strategic Bitcoin initiatives, reaching an all-time high of 4,080 Japanese yen on December 17.
