Journalist
Posted:
- Metaplanet amplifies its bullish stance on Bitcoin by committing $61 million.
- The firm’s stock drops despite aggressive BTC acquisition.
Japanese investment giant Metaplanet Inc has reinforced its bullish stance on Bitcoin [BTC] by investing nearly $61 million in the largest cryptocurrency.
Metaplanet’s Bitcoin strategy goes strong
On 23rd December, the company announced that it had acquired an additional 619.7 BTC at an average price of 15.3 million yen ($97,786) per Bitcoin. This brings its total holdings to 1,761.98 BTC, valued at over $164 million at current prices.
This strategic move, valued at approximately $167.1 million, highlights Metaplanet’s confidence in Bitcoin’s potential as a key asset in its portfolio.
Notably, the Tokyo-listed firm’s latest acquisition was funded through a recent 9.5 billion yen ($60.6 million) bond issuance.
This coincided with…
Bitcoin was experiencing a notable decline. The king coin dropped below the $100K mark to $94,026.54 at press time. Thus, recording a 12.06% weekly dip according to CoinMarketCap.
This highlighted that Metaplanet embraced the “buy the dip” philosophy and underscored its long-term bullish outlook on the cryptocurrency, even amid short-term market volatility.
For context, Metaplanet has steadily amplified its BTC holdings since adopting the cryptocurrency as a strategic treasury reserve asset in May.
Last week, the Tokyo-listed firm reaffirmed its commitment by announcing plans to accelerate Bitcoin acquisitions through debt issuance.
Is Metaplanet following MicroStrategy’s footsteps?
Interestingly, Metaplanet’s approach mirrors the strategy pioneered by American software giant MicroStrategy. The company began investing in BTC in 2020 to maximize shareholder value.
With 444,262 BTC worth over $41 billion, MicroStrategy’s model has set a precedent that Metaplanet appears eager to emulate.
MicroStrategy has long leveraged its Bitcoin holdings by securitizing the asset, offering investors indirect exposure through its Nasdaq-listed shares.
Impact on its stock price
Similarly, Metaplanet has pursued aggressive BTC acquisitions. Despite this, the company’s stock performance has recently faced fluctuations.
On 23rd December, Metaplanet’s shares dropped 0.98%, closing at 3,540 yen ($22.52). Furthermore, as per the latest figures from Google Finance, the stock fell further. It closed at 3,220 yen on 24th December—a dip of 9.04% in just one day.
Meanwhile, its year-to-date (YTD) growth stood at an impressive 1,982%, according to Yahoo Finance. However, the recent dips signaled heightened market volatility despite the firm’s commitment to Bitcoin.
