Japanese investment firm Metaplanet has announced its largest Bitcoin acquisition to date, purchasing 619.7 BTC for just under $60 million.
Per data from Bitbo, this purchase, revealed in an announcement on December 23, nearly quadrupled the firm’s previous record acquisition of 159.7 BTC on October 28.
Due to its aggressive Bitcoin buying strategy, Metaplanet is now often dubbed “Asia’s MicroStrategy.” The Tokyo-based firm now holds 1,762 BTC, valued at approximately $168 million. With an average purchase price of $75,600 per BTC, it ranks globally as the 12th-largest public corporate Bitcoin holder, just behind the U.S.-based medical tech company Semler Scientific.
The firm also reported significant growth in its Bitcoin performance metrics. From October 1 to December 23, Metaplanet’s BTC yield surged by 310%, a sharp improvement over the 41.7% yield recorded in the third quarter. The BTC yield is a key metric for the firm; it was recently adopted because it reflects the effectiveness of its Bitcoin acquisition strategy in boosting shareholder value.
Metaplanet’s latest move reflects its broader commitment to the total shift toward a Bitcoin-centric treasury management approach, a pivot announced on May 13, 2024. On December 18, Metaplanet projected its first operating profit since 2017, driven largely by its Bitcoin-focused operations. The company has signalled its ambition to expand beyond Bitcoin accumulation, further solidifying cryptocurrency as the cornerstone of its treasury strategy. In November, Metaplanet announced plans to raise over $62 million through a stock acquisition program to fund additional Bitcoin purchases.
This strategy stems from sustained economic pressures in Japan, including high government debt, prolonged periods of negative real interest rates, and a weakening yen. The yen’s steep decline against the U.S. dollar has made it the worst-performing major currency of 2024. Analysts attribute this to Japan’s growing trade deficit and the widening gap between domestic and foreign interest rates, factors that have fueled the yen’s depreciation over the past three years.
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