Key Points
- Japanese investment firm Metaplanet Inc has invested $61 million in Bitcoin, bringing its total holdings to over $164 million.
- Despite aggressive Bitcoin acquisitions, Metaplanet’s stock has experienced fluctuations, with a recent dip of 9.04% in one day.
Metaplanet Inc, a Japanese investment giant, has fortified its bullish stance on Bitcoin by investing an additional $61 million in the leading cryptocurrency.
Metaplanet’s Bitcoin Strategy
On December 23rd, Metaplanet announced the acquisition of an additional 619.7 BTC at an average price of 15.3 million yen ($97,786) per Bitcoin. This increased its total Bitcoin holdings to 1,761.98 BTC, valued at over $164 million at current rates.
This strategic investment, worth approximately $167.1 million, underscores Metaplanet’s belief in Bitcoin’s potential as a key asset in its portfolio. The latest acquisition was financed through a recent bond issuance of 9.5 billion yen ($60.6 million).
Despite the recent decline in Bitcoin’s value, with the cryptocurrency dropping below the $100K mark, Metaplanet adopted the “buy the dip” strategy, indicating its long-term bullish perspective on Bitcoin.
Metaplanet and MicroStrategy
Metaplanet’s investment strategy appears to mirror that of American software giant MicroStrategy, which began investing in Bitcoin in 2020 to maximize shareholder value. With 444,262 BTC worth over $41 billion, MicroStrategy has set a precedent that Metaplanet seems keen to follow.
Despite aggressive Bitcoin acquisitions, Metaplanet’s stock performance has recently faced fluctuations. On December 23rd, Metaplanet’s shares fell 0.98%, closing at 3,540 yen ($22.52). The stock experienced a further dip on December 24th, closing at 3,220 yen—a drop of 9.04% in a single day.
Despite the recent dips, Metaplanet’s year-to-date (YTD) growth remains impressive at 1,982%, indicating heightened market volatility despite the firm’s commitment to Bitcoin.