Despite a 9.8% drop in Bitcoin last week, Japanese company Metaplanet has increased its investment in the cryptocurrency with its largest BTC acquisition.
Largest BTC Acquisition
According to the company's official press release, Metaplanet purchased 619.7 BTC as part of its Bitcoin operations. This transaction boosted its total Bitcoin holdings to 1,761.98 BTC, valued at approximately $168 million. Over the past six months, Metaplanet has utilized various financial instruments to finance its Bitcoin purchases.
Boost From Bitcoin
Dubbed as 'Asia's MicroStrategy,' Metaplanet began accumulating BTC in May. The firm expects to achieve its first operating profit in seven years in 2024, thanks to its decision to use Bitcoin as a treasury asset.
Financial Achievements
Metaplanet forecasts revenue growth to ¥890 million and operating profit to ¥270 million in 2024, marking a significant turnaround after years of losses. It also profited from Bitcoin put options, earning ¥520 million.
Metaplanet shows confidence in Bitcoin, increasing its cryptocurrency holdings despite market challenges.
