Japanese investment firm Metaplanet has made its largest-ever Bitcoin purchase, acquiring 619.7 BTC worth approximately $60 million as it traded around $96,000. The transaction, announced on December 23, brings the Tokyo-based company’s total Bitcoin holdings to 1,762 BTC, valued at $168 million at current prices.

Metaplanet's latest acquisition marks a significant escalation in its Bitcoin acquisition strategy, nearly quadrupling the size of its previous record purchase of 159.7 BTC on October 28. With an average purchase price of around $75,600 per BTC, Metaplanet has earned the nickname "Asia's MicroStrategy," referencing the U.S.-based company known for its aggressive Bitcoin treasury strategy.

The company’s Bitcoin stack now ranks as the 12th largest among publicly traded companies, surpassing some significant corporate holders in the sector.

The December 23 announcement follows Metaplanet's recent decision to formally integrate Bitcoin accumulation and management into its core business model. In an investor disclosure on December 18, the company declared its intention to establish Bitcoin-related financial instruments such as loans, equity, and convertible bonds to further its treasury strategy.

This strategic pivot aligns with the company's projection of turning its first operating profit since 2017. Metaplanet’s BTC Yield—a measure used to evaluate the performance of its Bitcoin strategy—showed a dramatic increase, rising from 41.7% in the third quarter to 310% in the fourth quarter.

To fund its aggressive Bitcoin purchases, Metaplanet recently raised 9.5 billion Japanese yen (approximately $62 million) through a stock acquisition program. The capital injection allowed the firm to secure its latest Bitcoin buy and further strengthen its treasury holdings.

In addition to its Bitcoin purchases, Metaplanet reported plans to expand its financial services, aiming to manage its Bitcoin holdings more strategically. The firm has hinted at exploring additional opportunities to capitalize on the broader adoption of Bitcoin in financial markets.

Following the announcement, Metaplanet's stock price on the Tokyo Stock Exchange rose 5%, although it remains down 13% over the past week. Year-to-date, the company’s stock has surged over 2,100%, driven by its adoption of Bitcoin and associated treasury operations.

Metaplanet's bold move into Bitcoin accumulation highlights its confidence in the it's long-term potential as a store of value and strategic financial asset. The firm’s decision to formalize Bitcoin treasury operations signals a broader shift toward integrating Bitcoin into corporate finance.

Metaplanet’s substantial Bitcoin acquisition underscores a growing trend among corporations leveraging Bitcoin to diversify their balance sheets and enhance shareholder value. As one of Asia’s largest corporate Bitcoin holders, the company’s strategy may inspire other firms in the region to adopt similar approaches.

With Bitcoin’s price fluctuating below the $100,000 mark, Metaplanet’s latest move reflects a commitment to taking advantage of market dips to maximize its holdings. The company’s evolving business model suggests a continued focus on Bitcoin as a key driver of growth and innovation.

Cointelegraph Article