Metaplanet makes largest BTC purchase to date despite Bitcoin price correction

Bitcoin’s value has fallen 9.8% over the past week, prompting investors to show signs of caution as they worry about the possibility of further declines. Nevertheless, Japan-based Metaplanet reaffirmed its confidence by purchasing nearly 620 BTC.

Interestingly, this acquisition is the largest Bitcoin purchase to date.

Metaplanet’s largest single BTC acquisition

According to the company’s official press release, the acquisition was carried out as part of its Bitcoin treasury operations and included the purchase of 619.7 BTC worth approximately $60.6 million. This latest transaction brings Metaplanet’s total Bitcoin holdings to 1,761.98 BTC, which is equivalent to approximately $168 million.

Over the past six months, Metaplanet has leveraged multiple capital market activities, including the issuance of stock acquisition rights and zero-coupon bonds, to finance its Bitcoin purchases.

Most recently, the company raised 5 billion yen (equivalent to $31.9 million) through its 5th straight bond on December 20, 2024. Prior to that, the Tokyo-based investment firm also announced a separate funding of 4.5 billion yen (equivalent to $28.7 million). , a bond issue maturing on June 16, 2025.

The company has reported a staggering increase in BTC yield of nearly 310% between October 1, 2024 and December 23, 2024, with its Bitcoin holdings compared to fully diluted shares outstanding. This shows that the amount has increased significantly. Despite overall market sentiment remaining bearish, Metaplanet appears to have firmly established itself as a major player in corporate Bitcoin investment.

Boost from Bitcoin

Metaplanet, also known as “Asia’s MicroStrategy,” began accumulating BTC in May, reflecting the strategy of the US-based Bitcoin-focused company. The company recently revealed that it is on track for its first operating profit in seven years, thanks to its April decision to use Bitcoin as a financial asset.

In fiscal 2024, sales are expected to increase from 261 million yen to 890 million yen (equivalent to approximately $5.8 million), and operating profit is expected to be 270 million yen. This marked a significant turnaround from years of losses. The main driver was the innovative use of Bitcoin put options, which generated a profit of 520 million yen. The company also benefited from the strong performance of Tokyo’s Royal Oak Hotel.