Metaplanet Purchases Another 617 BTC
The company's return on Bitcoin was 309%.
The stock is up 2,034% YTD.
Metaplanet, which follows investment strategies similar to MicroStrategy, based in Japan, announced that it purchased an additional 617 BTC, taking advantage of Bitcoin’s falling prices to $96,086.9. With this new purchase, the company’s total Bitcoin holdings reached 1,762 BTC, and a 309% return was achieved on the investments made. During this period when Bitcoin was traded at levels close to $95,000, the company’s share prices had difficulty recovering due to low market sentiment.
Metaplanet announced on Monday that it has purchased an additional 617 BTC, an investment of approximately $60.7 million. The average price the company pays per Bitcoin is set at 15.33 million Japanese yen. This new purchase brings Metaplanet’s Bitcoin portfolio to 1,762 BTC, while the total value of the investments has increased to approximately 20.87 billion Japanese yen.
Metaplanet reported a 309.8% return since the beginning of the year. This was a significant increase from the 41.7% return in the third quarter, as Bitcoin reached $108,000. “We view Bitcoin as a strategic asset. This investment adds value to our shareholders and preserves our capital,” said CEO Simon Gerovich.
Metaplanet’s Bitcoin investment strategy has seen its stock price increase by 2,034% on an annual basis. However, after reaching a record high of ¥4,250 last week, the stock has corrected by 20% and has fallen to ¥3,410. The company raised ¥9.5 billion from bond sales last week to fund these investments.
Bitcoin prices have fallen to $95,500 across the market, while its market value has fallen below $1.9 trillion. Other investors, such as El Salvador, have also increased their Bitcoin reserves, taking advantage of the price declines. The El Salvador government recently purchased an additional 29 BTC, bringing its total Bitcoin holdings to 5,995 BTC.
Metaplanet’s Bitcoin investments show that despite market volatility, the company has expanded its digital asset portfolio and strengthened its market position. This strategic move increases interest in Bitcoin and sets an example for other investors in the sector.