Metaplanet Inc. announced the acquisition of 518 BTC for $61.4 million, increasing its Bitcoin holdings and surpassing Trump Media. However, the company's shares fell over 2% amid declining Bitcoin prices.
Metaplanet's Bitcoin Purchase
Metaplanet acquired 518 BTC at an average price of $118,519 per Bitcoin, raising the company's total to 18,113 BTC worth over $2.15 billion. This acquisition allowed Metaplanet to surpass Trump Media, which owns 15,000 BTC. The average price for the recent BTC purchase was around $101,811, yielding a profit of $32.42 million.
Metaplanet Stock Decline
Metaplanet stock closed down 2.69% at 975 JPY, correlating with a drop in Bitcoin from $122K to $119K. Over the past month, the stock fell more than 37%, while trading activity remained low, reducing the year-to-date return to almost 180%.
Bitcoin Prices and Market Situation
Bitcoin prices fell below $119K after Michael Saylor's company purchased only 155 BTC for $18 million. Presently, Bitcoin trades in a range of $118,159 to $122,603. Trading volume over the last 24 hours remained flat, indicating low activity in the spot crypto market.
Despite successful expansion of its Bitcoin assets, Metaplanet faces market challenges that are affecting its stock prices. Current dynamics in Bitcoin pricing and traders' reactions lead to uncertainties regarding the company's market outlook.
