Japanese investment firm Metaplanet has made its largest-ever Bitcoin acquisition, purchasing nearly 620 BTC worth just under $60 million as the cryptocurrency trades below $100,000. This marks a significant move for the Tokyo-based firm, which has been steadily acquiring Bitcoin since May 2024.
A Bold Bitcoin Buy
On December 23, Metaplanet announced that it had bought 619.7 Bitcoin, valued at approximately $59.3 million, with Bitcoin priced around $96,000 at the time of the purchase. This acquisition is by far the biggest single buy the firm has made, surpassing its previous record of 159.7 BTC in October. The new purchase almost quadruples its prior acquisition and brings Metaplanet’s total Bitcoin holdings to 1,762 BTC, worth around $168 million.
This puts Metaplanet’s Bitcoin stash among the largest held by public companies, now ranking as the 12th-largest corporate Bitcoin holder, just behind medical technology firm Semler Scientific.
Rising Bitcoin Yields
Metaplanet also reported significant returns on its Bitcoin strategy. From October 1 to December 23, the firm’s Bitcoin yield surged to 310%, a sharp increase from the 41.7% yield it achieved in the third quarter of the year. The company uses this yield metric to assess the performance of its Bitcoin acquisition strategy, which is designed to be accretive to its shareholders.
The firm has dubbed its strategy “BTC Yield,” which measures the overall growth in value from its Bitcoin holdings and helps guide future investment decisions.
Expanding Beyond Bitcoin Accumulation
In a move signaling its commitment to expanding its Bitcoin-centric business model, Metaplanet recently disclosed plans to formalize its Bitcoin accumulation and management operations. The firm aims to broaden its scope by integrating financial instruments such as loans, equity, and convertible bonds into its Bitcoin treasury strategy.
Metaplanet also revealed plans to raise more funds to fuel its Bitcoin-buying efforts. In late November, it announced a stock acquisition program to raise over ¥9.5 billion (about $62 million), which would be used to purchase additional Bitcoin.
Market Reaction
The news of Metaplanet’s record Bitcoin buy sent its stock price soaring by 5% on the Tokyo Stock Exchange, although it remains down around 13% for the week, according to Google Finance. Despite this short-term dip, Metaplanet’s stock has seen an incredible surge in 2024, up more than 2,100% year-to-date. The firm’s shares hit an all-time high of ¥4,080 ($26) on December 17, reflecting investor optimism around its Bitcoin-focused strategy.
Looking Ahead
Metaplanet’s aggressive Bitcoin acquisition strategy, which mirrors the approach of U.S.-based MicroStrategy, has positioned the company as a major player in the corporate Bitcoin investment space. As the firm continues to expand its Bitcoin holdings and formalize its cryptocurrency-related business operations, its moves will likely influence other corporate investors considering similar strategies.
With plans to push beyond simple Bitcoin accumulation and to tap into new financial instruments, Metaplanet is aiming to build a more diversified and sustainable business model centered on Bitcoin—one that could pay off handsomely as the cryptocurrency continues to evolve and mature.
