Tokyo-based Metaplanet recently acquired 780 Bitcoin, increasing its total holdings to 17,132 BTC.
Metaplanet's Bitcoin Purchase
According to a new disclosure published on July 28, Metaplanet invested approximately $93 million (13.7 billion Japanese yen) in purchasing an additional 780 Bitcoin, raising its total asset value to about $1.7 billion, with an average acquisition cost of ¥14.78 million per BTC (around $99,200).
Stock Performance
Metaplanet's shares have dropped nearly 40% from this year's highs, despite Bitcoin trading near all-time highs. The stock is currently hovering around ¥1,150, the lowest since early June. This decline is likely tied to factors such as valuation and dilution, particularly as the company adjusts its share issuance strategy to finance new Bitcoin purchases.
Bitcoin Accumulation in Japan
Other companies in Japan are also beginning to accumulate Bitcoin. For example, Remixpoint, an energy consulting firm based in Tokyo, started building its own Bitcoin reserves in late 2024, targeting at least 3,000 BTC depending on prices and stock performance. This highlights the growing interest in cryptocurrencies among Japanese firms.
Metaplanet's investment strategies in Bitcoin highlight its ambition to become a significant player in the cryptocurrency market despite current stock volatility.
