Japan’s MetaPlanet announced the purchase of an additional 619.70 BTC on Monday, sending the price of Bitcoin down to the $95,000 level.
The total estimated cost of the deal was approximately $60 million (approximately £47 million).
The average purchase price was about $96,000, according to a company statement.
The acquisition brings the company’s total Bitcoin holdings to 1,761.98 BTC, worth approximately $168 million.
The average purchase price of its total holdings is approximately $75,600 per Bitcoin.
MetaPlanet’s latest Bitcoin purchase, its largest since it began acquiring the cryptocurrency in May, brings its total stake to the 12th-largest Bitcoin stack among public companies, just behind medical tech maker Semler Scientific.
MetaPlanet’s Bitcoin Play
The latest Bitcoin acquisitions are as follows Company’s recent bond issue,
Last week, the Tokyo-listed company announced the issuance of ¥4.5 billion ($30 million) in zero-interest bonds to expand its Bitcoin holdings, in line with its strategy to accumulate the cryptocurrency as a core asset. Is.
The move reflects MicroStrategy’s well-known approach of leveraging corporate reserves to acquire Bitcoin, establishing MetaPlanet as a Bitcoin-focused business in Japan.
The company has officially named itself a Bitcoin Treasury Company, highlighting its strategy to acquire and manage Bitcoin as a core corporate asset to protect against the falling Japanese Yen.
From October 1 to December 23, MetaPlanet reported a BTC yield of 310%, significantly higher than the 41.7% in the previous quarter (July to September).
The company uses BTC Yield to evaluate the performance of its Bitcoin acquisition strategy, which is intended to be favorable for shareholders.
It formally revealed its intention to establish Bitcoin accumulation and management as a business line, including instruments such as loans, equities and convertible bonds to buy and hold BTC.
Metaplanet stock price
Coupled with surging Bitcoin holdings and impressive yields, MetaPlanet’s share price has surged more than 2,000% year-to-date, valuing the company at more than $1 billion.
Last week, MetaPlanet forecast that it would achieve its first operating profit since 2017 and expressed plans to expand its strategy beyond simply buying Bitcoin.
The company is expected to generate revenue of $5.8 million in the fiscal year ending Dec. 31.
The company’s operating profit is projected to reach $1.72 million, marking a sharp turnaround from the loss of $2.98 million reported last year.
Bitcoin remains under pressure
Bitcoin fell 10% to close at $94,645 during the week ending Dec. 22, about $10,500 less than its opening point of $105,185, according to Trading View.
The decline followed the US Federal Reserve’s decision to reduce the number of expected interest rate cuts for the next year from five to two after implementing a third consecutive rate cut.
Bitcoin continued its decline for the third consecutive day on Monday and is trading just above $95,300, down 0.88% in the last 24 hours.
Post Japan’s MetaPlanet buys 60 Bitcoins worth $619.7 million, now holds 1,762 BTC first appeared on Invez
