Cryptonews - Metaplanet purchased Bitcoin at an average price of 15.6 million Japanese yen, or about $107,900 per coin.
The Japanese company Metaplanet continued to enhance its ambitious strategy in the digital asset market by purchasing 1,234 Bitcoin (BTC), bringing its total holdings to 12,345 BTC. Its recent purchases - announced on Thursday - reflect the company's ongoing efforts to adopt Bitcoin as a core asset for its treasury reserve.
The recent purchase comes as part of a series of notable moves by Metaplanet this month, including the launch of its '555 million shares plan,' which aims to raise $5.4 billion to purchase 210,000 Bitcoin by 2027, representing nearly 1% of the total fixed supply of Bitcoin at 21 million coins.
Issuing 54 million new shares as part of Metaplanet's efforts to accumulate 1% of the total supply of Bitcoin.
On June 24, Metaplanet announced that it had raised over $517 million on the first day of its $555 million plan after issuing 54 million shares activated by the EVO Fund under a prior agreement for stock acquisition rights.
The company's statement on Thursday revealed its purchase of Bitcoin at an average price of 15,617,281 Japanese yen per coin, which equates to approximately $107,900.
The size of the recent purchase solidifies Metaplanet's position as one of the largest publicly traded holders of Bitcoin in Asia, as the company's Bitcoin treasury is currently valued at over $1.3 billion according to market data, which is roughly equivalent to what Tesla (NASDAQ:TSLA) held in Bitcoin before selling part of it in 2022.
Metaplanet adopts the Bitcoin reserve strategy of MicroStrategy.
Metaplanet follows in the footsteps of the American company MicroStrategy, which has for years relied on a long-term strategy of converting Bitcoin into a primary asset on its balance sheet. Similarly, Metaplanet has utilized equity-linked financing tools to fund its purchases, making its shares a regulated means of exposure to Bitcoin in traditional capital markets.
Since announcing its Bitcoin purchase plan in April 2024, Metaplanet's stock value has increased by over 500%, attracting the interest of both retail investors and global investors looking for a regulated tool that provides access to this leading currency.
The company, which originally operated in the hospitality sector, has reshaped its identity in the market to focus on Bitcoin in recent months, even labeling this strategy as the 'institutional awakening.'
Although it has not announced a specific timeline for future purchases, it has set a clear goal of owning more than 200,000 BTC over the next three years, stating that 96% of the funds raised under the 555 million plan will be allocated to purchasing Bitcoin, while the remaining portion will be used to redeem bonds and finance yield-generating strategies.
With every major purchase, Metaplanet reaffirms its commitment to the long-term theory of holding Bitcoin as a hedge against inflation and the depreciation of traditional currencies.
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