Metaplanet Makes Waves with Massive 620 Bitcoin Purchase


Metaplanet Makes Waves with Massive 620 Bitcoin Purchase


  • Metaplanet acquired 620 BTC for $60M, increasing its holdings to 1,762 BTC for $168M.
  • The company intends to create Bitcoin management as a primary business line for expansion.

Metaplanet, an investment company in Japan, made the headlines recently due to the largest Bitcoin purchase it ever made. On December 23, the Tokyo-headquartered firm revealed that it had bought 619.7 Bitcoin worth less than $60 million because Bitcoin traded at about $96,000.

It makes it the biggest buyer since May when it bought its first Bitcoins. That’s almost four times the old record of 159.7 BTC set in October. Metaplanet now holds 1,762 BTC worth $168 million, acquired at an average cost of about $75,600 per coin. Known as Asia’s MicroStrategy, the firm is now standing as one of the biggest public firms based on its holdings of BTC.

Expanding Beyond the Bitcoin Treasury

So far, the strategy of the firm has been very profitable. In the period between October 1 and December 23, Metaplanet achieved a BTC Yield of 310%, outperforming its yield from the previous quarter by 41.7%. BTC Yield tracks the performance of its Bitcoin acquisition strategy, fashioned to deliver value for its shareholders.

Metaplanet is visionary, and it now foresees the inclusion of management of Bitcoins into its core operations through loans, equity, and convertible bonds. The company will enhance its treasury in Bitcoin. The firm reported also in November that it is raising $62 million in order to make building up Bitcoins easier.

The company is expected to announce its first operating profit since 2017, this will be a positive indicator of its financial recovery. Metaplanet shares increased by 5% on the Tokyo Stock Exchange after this announcement. Its shares are still low by 13% for the week, but Metaplanet’s stock has gone up more than 2,100% this year as investors bet on its Bitcoin-centric strategy.

The bold move that Metaplanet took also reflects its confidence not only in Bitcoin but in corporate adoption of the cryptocurrency as it goes. The approach adopted by the company in formulating Bitcoin as a primary business line may become a trendsetter for other Asian and global firms.

The post Metaplanet Makes Waves with Massive 620 Bitcoin Purchase appeared first on Live Bitcoin News.



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