This article is also available in Spanish.
Japan-based early-stage investment firm Metaplanet continues its bitcoin (btc) buying spree. The company <a target="_blank" href="https://x.com/Metaplanet_JP/status/1871029010827968635″ target=”_blank” rel=”nofollow”>announced today it purchased 619.7 btc for $61 million, including fees and other expenses, making it the company's largest bitcoin acquisition to date.
Metaplanet increases btc holdings to 1,762
The cryptocurrency market's recent drop from its all-time highs (ATH) does not seem to bother Metaplanet, as the Tokyo-listed company made its largest btc purchase to date, purchasing 619.7 btc worth $61 million at an average price of around $96,000.
Related reading
To recall, Metaplanet started purchasing btc earlier this year in May with a purchase of 97.9 btc. Since then, the company has purchased btc every month except September, and crossed the 1,000 btc milestone in November. The latest acquisition has brought Metaplanet's total bitcoin holdings to 1,762, purchased at an average price of $75,600 per btc.
Notably, this $61 million purchase is almost double the value of Metaplanet's previous largest acquisition, which occurred in November and was worth close to $30 million. The company's steady accumulation of btc has earned it the nickname “Asia's MicroStrategy,” a reference to the US-based business intelligence firm known for its aggressive bitcoin purchasing strategy.
It is worth noting that today's btc purchase comes a week after Metaplanet raised $60.6 million through two tranches of bond issuance in order to “accelerate btc purchases.” Metaplanet's latest purchase also makes its btc reserves the 12th largest among publicly traded companies globally.
According to Metaplanet's official announcement, its btc performance, a proprietary metric used to measure the performance of its bitcoin acquisition strategy, stood at 310% from October 1 to December 23. The firm emphasized that this strategy is designed to be “accretive to shareholders.” “
Despite today's significant btc buying, Metaplanet's share price saw little movement and closed at $22.5, a drop of 0.98% on the day. However, so far this year, the company's shares have risen a staggering 1,982%, reflecting the long-term benefits of its bitcoin-focused strategy.
bitcoin Supply Crossover to Speed Adoption?
With bitcoin's total maximum supply capped at 21 million, the digital asset has solidified its reputation as an inflation-resistant store of value. A recent report highlights that btc supply on crypto exchanges has hit multi-year lows, indicating that holders are increasingly withdrawing more btc from exchanges, reducing circulating supply and potentially driving up prices.
Related reading
bitcoin's scarcity has sparked an unofficial race among corporations (and possibly even governments). For example, bitcoin mining company Hut 8 recently bought 990 btc for $100 million, increasing his total holdings to over 10,000 btc. Similarly, MARA, another bitcoin mining company, acquired 703 btc earlier this month, bringing its total holdings to 34,794 btc.
Speculation surrounding a possible strategic reserve of bitcoin in the US is greater strengthening The btc supply shortage narrative, which may accelerate its adoption. At press time, btc is trading at $94,003, down 1.5% in the last 24 hours.
Featured image from Unsplash, graphics from Yahoo! Finance and Tradingview.com
