Metaplanet Makes Largest BTC Purchase to Date Despite Bitcoin Price Correction

After a 9.8% drop in Bitcoin’s value over the past week, investors are showing signs of caution, worried about the potential for further declines. Despite this, Japan-based Metaplanet has reaffirmed its confidence by buying nearly 620 BTC.

Interestingly, the latest acquisition marks its largest Bitcoin purchase to date.

Metaplanet’s Largest Single BTC Acquisition

According to the company’s official press release, the acquisition, executed as part of its Bitcoin Treasury Operations, involved the purchase of 619.7 BTC, worth around $60.6 million. This latest transaction brings Metaplanet’s total Bitcoin holdings to 1,761.98 BTC, which is valued at almost $168 million.

Over the past six months, Metaplanet has leveraged multiple capital market activities, including stock rights issuances and zero-coupon bonds, to fund its Bitcoin purchases.

Most recently, the company raised ¥5 billion, valued at $31.9 million, through its 5th Series of Ordinary Bonds on December 20, 2024. Prior to that, the Tokyo-based investment firm also announced a separate ¥4.5 billion, valued at $28.7 million, bond issuance that is set to mature on June 16, 2025.

The firm reported a staggering BTC Yield increase of nearly 310% between October 1 and December 23, 2024, demonstrating the significant growth in Bitcoin holdings relative to its fully diluted shares outstanding. Metaplanet appears to have firmly positioned itself as a key player in a corporate Bitcoin investment even as the broader market sentiment remains bearish.

Boost From Bitcoin

Metaplanet, often referred to as “Asia’s MicroStrategy,” began accumulating BTC in May, mirroring the strategy of the US-based Bitcoin-focused firm. The company recently revealed that it expects its first operating profit in seven years, thanks to its decision in April to use Bitcoin as a treasury asset.

For fiscal year 2024, it forecasts a revenue increase to ¥890 million, worth around $5.8 million, from ¥261 million, and predicts an operating profit of ¥270 million. This marked a significant turnaround after years of losses. A key driver has been its innovative use of Bitcoin put options, which brought in ¥520 million. The firm also benefited from a strong performance at its Royal Oak Hotel in Tokyo.

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