Metaplanet purchased another 617 BTC.
The company's return on Bitcoin investments was 309%.
The stock is up 2,034% YTD.
Metaplanet, known as Japan’s MicroStrategy, announced that it bought 617 more Bitcoins, taking advantage of the decline in Bitcoin prices to $95,277.6. With this new purchase, the company’s total Bitcoin assets reached 1,762 BTC, while announcing that the return on its investments was 309%. However, during this period when Bitcoin was traded at $95,000, the company’s stock prices could not recover during the day due to market sentiment.
MicroStrategy Metaplanet announced on Monday that it has purchased 617 Bitcoins worth around $60.7 million, with an average of ¥15.33 million paid for each Bitcoin. The purchases bring Metaplanet’s total Bitcoin holdings to 1,762 BTC, bringing the total value of its investments to around ¥20.87 billion. The company reported a 309.8% year-to-date return thanks to these strategic purchases. The company reported a 41.7% increase in returns in the third quarter, as Bitcoin reached $108,000. “We view Bitcoin as a strategic asset. These investments add value to our shareholders and preserve our capital,” CEO Simon Gerovich said.
Metaplanet’s Bitcoin strategy has led to a 2,034% increase in its stock price on an annual basis. However, after reaching a record high of ¥4,250 last week, the stock price corrected 20% to ¥3,410. The company raised ¥9.5 billion from bond sales last week to finance these investments.
Bitcoin prices have fallen to $95,500 across the market, while the market value has dropped below $1.9 trillion. Other investors, such as El Salvador, have also been observed to increase their BTC reserves, taking advantage of the price declines. The El Salvador government recently purchased 29 more BTC, bringing its total Bitcoin holdings to 5,995 BTC.
Metaplanet’s Bitcoin investments show that the company is expanding its digital asset portfolio and strengthening its market position despite market volatility. This strategic move increases the interest of other investors in Bitcoin and sets an important precedent in the industry.
