Key Points
- Japanese firm Metaplanet Inc invests $61 million in Bitcoin, bringing its total holdings to over $164 million.
- Despite aggressive Bitcoin acquisition, Metaplanet’s stock experiences fluctuations.
Metaplanet Inc, a Japanese investment giant, has furthered its positive outlook on Bitcoin by investing an additional $61 million in the cryptocurrency.
Metaplanet’s Bitcoin Strategy
On December 23rd, the company announced the acquisition of an additional 619.7 BTC at an average price of 15.3 million yen ($97,786) per Bitcoin. This investment brings the firm’s total Bitcoin holdings to 1,761.98 BTC, valued at over $164 million at present.
This move, worth roughly $167.1 million, signifies Metaplanet’s belief in Bitcoin as a key asset in its portfolio. The recent acquisition was funded through a 9.5 billion yen ($60.6 million) bond issuance.
Despite Bitcoin’s notable decline below the $100K mark, Metaplanet continues to uphold its bullish stance on the cryptocurrency. The company has been steadily increasing its Bitcoin holdings since May, when it adopted the cryptocurrency as a strategic treasury reserve asset.
Metaplanet and MicroStrategy
Metaplanet’s strategy is reminiscent of American software giant MicroStrategy’s approach. MicroStrategy began investing in Bitcoin in 2020 to maximize shareholder value. With 444,262 BTC worth over $41 billion, MicroStrategy’s model appears to be a precedent that Metaplanet is keen to follow.
Despite aggressive Bitcoin acquisitions, Metaplanet’s stock performance has faced fluctuations. On December 23rd, the company’s shares dropped 0.98%, closing at 3,540 yen ($22.52). The stock further fell to 3,220 yen on December 24th, a dip of 9.04% in a single day.
The company’s year-to-date (YTD) growth stands at a remarkable 1,982%, according to Yahoo Finance. However, recent dips signal increased market volatility despite the firm’s commitment to Bitcoin.
