Metaplanet, a Japanese investment company, recently made its largest Bitcoin purchase to date, acquiring 107.913 BTC for approximately 1 billion yen (equivalent to $6.9 million). This marks the eleventh Bitcoin acquisition for Metaplanet since its first purchase on April 23. According to data from Bitcoin Treasuries, the firm now holds a total of 506.745 BTC, valued at around $32.2 million. With a total spending of 4.75 billion yen (approximately $31.9 million) on Bitcoin purchases, Metaplanet has an average acquisition cost of 9.37 million yen (roughly $64,931) per BTC.
CEO Simon Gerovich hinted at further Bitcoin acquisitions, stating that the company’s next goal is to accumulate 1,000 BTC. Currently, Metaplanet ranks as the second-largest institutional Bitcoin holder in Asia, behind Meitu Inc. in Hong Kong. MicroStrategy, led by Michael Saylor, remains the largest corporate Bitcoin holder globally with 252,220 BTC.
Metaplanet’s decision to invest in Bitcoin has proven successful, with the company’s stocks outperforming traditional financial assets such as the US Dollar, Gold, and Japan’s Nikkei share index. Gerovich shared that the company’s stock has surged by 443% since adopting the Bitcoin standard. In comparison, the Nikkei index, the US Dollar, and Bitcoin itself have seen declines, while Gold has risen during this period.
Market observers attribute Metaplanet’s strong performance to its Bitcoin-only treasury strategy, implemented in May to hedge against the volatility of the Japanese yen. By regularly purchasing Bitcoin, the company has positioned itself among the top 25 institutional Bitcoin holders globally.
Overall, Metaplanet’s strategic approach to investing in Bitcoin has not only diversified its portfolio but also yielded significant returns, showcasing the potential benefits of incorporating cryptocurrency into traditional investment strategies.