Metaplanet Makes Largest Bitcoin Purchase, Solidifies Position as Asia’s MicroStrategy

Tokyo-listed Metaplanet has made headlines with its largest-ever Bitcoin acquisition, purchasing 619.7 BTC for approximately 9.5 billion yen ($60.6 million).

This new development, announced on December 23, brings the company’s total Bitcoin holdings to 1,761.98 BTC, worth an estimated $168 million.

The Japanese investment firm paid an average of 15,330,073 yen ($96,000) per Bitcoin in the latest purchase, nearly quadrupling the value of its previous record buy of 159.7 BTC on October 28.

With an average acquisition price of 11,846,002 yen ($75,628) per Bitcoin, Metaplanet has now spent a total of 20.872 billion yen on Bitcoin as part of its treasury strategy.

A Strategic Investment Approach

Metaplanet’s recent purchase follows the issuance of its 5th Series of Ordinary Bonds via private placement with EVO FUND, raising 5 billion yen ($32 million). These bonds, maturing in June 2025, carry no interest and allow for early redemption under specific conditions. The proceeds were allocated to Bitcoin acquisitions, reinforcing the company’s focus on digital assets.

The firm has been dubbed “Asia’s MicroStrategy,” drawing comparisons to the U.S.-based company known for its aggressive Bitcoin purchases. This latest acquisition places Metaplanet 12th among public companies in terms of Bitcoin holdings, just behind medical technology firm Semler Scientific.

Strong Performance Amid Market Volatility

Metaplanet has reported significant growth in its BTC Yield, a metric that measures the increase in Bitcoin holdings relative to fully diluted shares. Between October 1 and December 23, the BTC Yield surged to 310%, up from 41.7% in the previous quarter.

Bitcoin itself has performed strongly this year, climbing 120% and outperforming traditional assets such as the Nasdaq 100 and S&P 500 indices. Although the cryptocurrency recently retreated from its all-time high of $108,427 to trade at around $97,000, on-chain metrics suggest it remains undervalued.

Future Plans and Business Expansion

In a recent investor disclosure, Metaplanet projected its first operating profit since 2017 and announced plans to formalize Bitcoin accumulation and management as a business line. This includes leveraging loans, equity, convertible bonds, and other financial instruments to expand its Bitcoin holdings.

It is worth noting that the company’s stock price jumped 5% on the Tokyo Stock Exchange following the announcement, though it remains down 13% over the past week. Despite short-term fluctuations, Metaplanet’s shares have surged over 2,100% this year, reaching an all-time high of 4,080 yen ($26) on December 17, largely driven by its Bitcoin adoption strategy.