Metaplanet, a publicly-listed investment and consulting firm in Japan, expanded its Bitcoin treasury with its recent purchase and now holds 203,734 BTC.
On July 7, Metaplanet explicitly announced on X that it had acquired 42,466 bitcoins for 400 million Japanese yen ($2.5 million).
Metaplanet currently possesses 203,734 BTC, the average price of which was approximately 10 million yen ($62,000) per coin following the completion of the purchase. At the time of writing, the average purchase price is approximately 7% higher than the price of BTC.
Metaplanet Embraces Bitcoin in April 2024
In April 2024, Metaplanet made a historic entry into the Bitcoin market by purchasing its initial stock of Bitcoin for $6.5 million and adopting it as a treasury asset.
Metaplanet disclosed on April 8 that Ordiswap founding member Jack Liu, Morgan Creek Capital founder Mark Yusko, and Sora Ventures and UTXO Management had supported the company’s decision to enter the Bitcoin market.
Metaplanet was nicknamed “Asia’s MicroStrategy” due to its aggressive Bitcoin acquisitions, which bear similarities to MicroStrategy’s 2020 entry into the Bitcoin market.
In 2020, MicroStrategy initiated the acquisition of Bitcoin as an inflation hedge and an alternative to maintaining currency. As of June 24, the company had collected a minimum of 226,331 Bitcoin since 2020, costing $7.538 billion or $35,158 per BTC.
Metaplanet’s Stock Declines
Metaplanet’s integration of Bitcoin has significantly affected the company’s market momentum. The company’s stock price experienced a 90% increase the day following the announcement. Nevertheless, Metaplanet’s shares experienced a substantial decline in response to the Bitcoin price decline.
Metaplanet stock experienced a 25% decline after reaching a high of 107 yen ($0.66) on June 11, coinciding with Bitcoin’s descent from approximately $70,000 to below $60,000. The company’s stock is currently trading at 80 yen ($0.5), which is still 344% higher than it was at the beginning of 2024, according to data from TradingView.
Metaplanet disclosed its intention to issue 1 billion yen ($6.26 million) in bonds in late June to acquire Bitcoin. Michael Saylor’s MicroStrategy has also repeatedly announced convertible note financing in 2024 to invest more in Bitcoin, as previously reported.
