Metaplanet, a Japanese investment firm, has announced the acquisition of an additional 107.913 Bitcoin (BTC) for 1 billion yen, equivalent to approximately $6.6 million.
The purchase was made at an average price of 9,266,724 yen, or around $61,932, per Bitcoin, according to a press release issued on Tuesday.
With this latest purchase, Metaplanet’s total Bitcoin holdings now stand at 506.745 Bitcoin. The company’s total investment in Bitcoin has reached 4.75 billion yen, translating to roughly $31.8 million USD, with an average purchase price of 9,373,557 yen ($62,712 USD) per Bitcoin.
The company's Bitcoin holdings have swelled to $24 million, almost 20% of its $125 million market capitalization, according to BitcoinTreasuries.net.
Metaplanet began its aggressive Bitcoin purchasing strategy in April 2024, describing the move as a "strategic pivot." At that time, the company’s leadership argued that investing in Bitcoin was "the most valuable thing we can do for our shareholders."
This shift in strategy initially paid off, as Metaplanet's stock surged from $1.32 (¥190) prior to the announcement to a peak of $7.01 (¥1,008). However, despite briefly reaching $20.95 (¥3,000) in late July, the stock has since pulled back.
The stock is currently trading at $7.01 ¥1,008 ($7.01 USD), according to data from Google Finance.
Metaplanet's approach mirrors that of the U.S. software firm MicroStrategy (MSTR), which has become well-known for its substantial Bitcoin holdings. In fact, Metaplanet called itself the "Asia's first Microstrategy" when it first announced its Bitcoin treasury strategy.
Under the direction of Bitcoin advocate Michael Saylor, MicroStrategy has amassed approximately $15.9 billion worth of Bitcoin, totaling 252,220 BTC. This acquisition strategy has made MicroStrategy one of the largest corporate holders of Bitcoin, accounting for more than 1% of the total supply.
Metaplanet’s Bitcoin acquisition aligns with a broader trend of companies integrating crypto assets into their long-term investment strategies. Apart from MicroStrategy, Tesla made headlines in 2021 when it invested $1.5 billion USD in Bitcoin, though it later sold a portion of its holdings to diversify its portfolio.
Square (now Block Inc.) has also incorporated Bitcoin into its long-term strategy, purchasing $50 million USD worth of BTC in 2020 and an additional $170 million USD in 2021. Even PayPal has entered the crypto market, enabling users to buy, hold, and sell cryptocurrencies, reflecting the growing corporate confidence in digital assets.
Edited by Stacy Elliott.