Metaplanet Makes Largest Bitcoin Bet, Acquires Nearly 620 BTC

Metaplanet, a Tokyo-listed company, has made a significant move in the cryptocurrency space by acquiring nearly 620 Bitcoin in its latest purchase, marking the largest Bitcoin bet in the company’s history. This acquisition, valued at approximately 9.5 billion yen ($60.6 million), brings Metaplanet’s total Bitcoin holdings to 1,761.98 BTC. The company paid an average of 15.33 million yen per Bitcoin, which totals around $75,628 each.

This investment is part of Metaplanet’s broader crypto treasury strategy, which has seen the company allocate a total of 20.87 billion yen toward Bitcoin purchases. The latest purchase follows a successful bond issuance, where Metaplanet raised 5 billion yen ($32 million) through its 5th Series of Ordinary Bonds. These bonds, which are set to mature in June 2025, carry no interest and offer early redemption options under specific conditions. The funds raised through this bond issuance have been specifically earmarked for the purchase of Bitcoin.

Metaplanet’s Bitcoin holdings have also shown remarkable growth, with the company reporting a significant rise in its BTC Yield metric. From October 1 to December 23, the BTC Yield surged to 309.82%, up from just 41.7% in the previous quarter. This sharp increase reflects the company’s growing confidence in Bitcoin’s potential as a store of value and long-term asset.

Despite Bitcoin’s recent pullback from its all-time high of $108,427, the cryptocurrency continues to perform well, having increased by 120% over the course of the year. Currently trading around $97,000, Bitcoin remains an attractive investment, with on-chain metrics indicating that it is still undervalued. According to the Market Value to Realized Value (MVRV-Z) score, Bitcoin’s current value is well below the historical threshold of 3.7, suggesting that the asset is not yet overvalued. This data may be encouraging for investors like Metaplanet, who are capitalizing on the dip to increase their Bitcoin holdings further.

As Bitcoin continues to demonstrate resilience and growth, Metaplanet’s strategic focus on acquiring the cryptocurrency positions the company as a significant player in the growing institutional interest in Bitcoin and other digital assets. With its large Bitcoin stash and commitment to further acquisitions, Metaplanet is positioning itself to benefit from the ongoing evolution of the cryptocurrency market.