Japanese investment firm Metaplanet announced the acquisition of 620 Bitcoin amid declining cryptocurrency prices.
Details of the Deal
On December 23, Metaplanet announced the purchase of 619.7 Bitcoin worth approximately $60 million. This is the largest purchase by the company since it began acquiring cryptocurrency in May. The previous record purchase was 159.7 BTC in October.
Strategy and Yield
Metaplanet has earned the reputation of 'Asia's MicroStrategy.' The company's total holdings now amount to 1,762 BTC, valued at around $168 million, with an average purchase price of about $75,600 per BTC. The company reported a BTC Yield of 310% from October to December 2023.
Future Plans
The company plans to restructure its business lines by formalizing 'Bitcoin accumulation and management' as a business activity. In November, Metaplanet announced a program to raise over $62 million for further Bitcoin purchases.
Metaplanet continues to actively diversify its portfolio by expanding its presence in the cryptocurrency sector, which has led to an increase in its stock value.
