Metaplanet Bitcoin Reserves Grow With Fresh $61 Million Purchase
23 Diciembre 2024 - 5:00PM
NEWSBTC
Japan-based early-stage investment firm Metaplanet continues its
Bitcoin (BTC) buying spree. The company announced today that it has
purchased 619.7 BTC for $61 million – including fees and other
expenses – making it the firm’s largest Bitcoin acquisition to
date. Metaplanet Increases BTC Holdings To 1,762 The recent crypto
market downturn from its all-time highs (ATH) does not appear to
bother Metaplanet, as the Tokyo-listed firm made its largest BTC
purchase to date, buying 619.7 BTC worth $ 61 million at an average
price of around $96,000. Related Reading: Metaplanet To Expand
Bitcoin Holdings With $11.3 Million Bond Sale To recall, Metaplanet
started buying BTC earlier this year in May with a purchase of 97.9
BTC. Since then, the company has purchased BTC every month, barring
September, and crossed the 1,000 BTC milestone in November. The
latest acquisition has pushed Metaplanet’s total Bitcoin holdings
to 1,762, bought at an average price of $75,600 per BTC. Notably,
this $61 million purchase is nearly double the value of
Metaplanet’s previous largest acquisition, which occurred in
November and was worth close to $30 million. The company’s
consistent BTC accumulation has earned it the nickname “Asia’s
MicroStrategy,” in reference to the US-based business intelligence
firm known for its aggressive Bitcoin buying strategy. It is worth
highlighting that today’s BTC purchase comes a week after
Metaplanet raised $60.6 million through two tranches of bond
issuance for the purpose of “accelerating BTC purchases.”
Metaplanet’s latest purchase also makes its BTC reserves the
12th-largest among publicly listed firms globally. According to
Metaplanet’s official announcement, its BTC Yield – a proprietary
metric used to measure the performance of its Bitcoin acquisition
strategy – stood at 310% from October 1 to December 23. The firm
emphasized that this strategy is designed to be “accretive to
shareholders.” Despite today’s significant BTC purchase,
Metaplanet’s stock price saw little movement, closing at $22.5,
down 0.98% for the day. However, on a year-to-date basis, the
company’s stock has surged by an astounding 1,982%, reflecting the
long-term benefits of its Bitcoin-centric strategy. Bitcoin Supply
Crunch To Hasten Adoption? With Bitcoin’s total maximum supply
capped at 21 million, the digital asset has solidified its
reputation as an inflation-resistant store of value. A recent
report highlights that BTC supply on crypto exchanges has hit
multi-year lows, indicating that holders are increasingly
withdrawing BTC from exchanges, reducing circulating supply and
potentially driving prices higher. Related Reading: Bitcoin
Adoption Grows As Rumble Unveils $20 Million BTC Treasury Strategy
Bitcoin’s scarcity has triggered an unofficial race among
corporations – and possibly even governments. For instance, Bitcoin
mining firm Hut 8 recently purchased 990 BTC for $100 million,
increasing its total holdings to over 10,000 BTC. Similarly, MARA,
another Bitcoin mining company, acquired 703 BTC earlier this
month, bringing its total holdings to 34,794 BTC. Speculations
surrounding a potential US strategic Bitcoin reserve are further
strengthening BTC’s supply crunch narrative, which may fast-track
its adoption. At press time, BTC trades at $94,003, down 1.5% in
the past 24 hours. Featured image from Unsplash, charts from Yahoo!
Finance and Tradingview.com
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