Japanese investment firm Metaplanet is continuing to buy Bitcoin for its corporate treasury, snapping up an additional ¥300 million ($2 million) worth of BTC.
Metaplanet revealed its latest Bitcoin buy in a September 10 filing, noting that it had purchased 38.464 BTC at an average purchase price of ¥7.8 million ($54,517), during Bitcoin’s recent price dip.
“Thankful for this price action. Have some capital to deploy,” Metaplanet’s Director of Bitcoin Strategy, Dylan LeClair tweeted on September 8, as Bitcoin’s price sank to lows under $54,000.
Per the filing, the purchase brings Metaplanet’s total Bitcoin holdings to 398.832 BTC, purchased for an aggregate ¥3.75 billion ($26.12 million) at an average purchase price of ¥9.4 million.
Thankful for this price action.
Have some capital to deploy.
— Dylan LeClair 🟠 (@DylanLeClair_) September 8, 2024
At Bitcoin’s current price of $57,123, the firm’s Bitcoin holdings are worth $22.8 million, per data from CoinGecko.
Metaplanet’s Bitcoin strategy
Metaplanet embarked on its aggressive Bitcoin purchasing strategy in April 2024, calling the move a “strategic pivot.”
At the time, LeClair argued that the plan was “the most valuable thing we can do for our shareholders,” a move seemingly borne out by the surge in the firm’s stock from ¥190 ($1.32) prior to the launch of its plan, to its current price of ¥1,101 ($7.69). However, Metaplanet stock has pulled back from its brief high of ¥3,000 ($20.95) set in late July, as Bitcoin traded at around $66,000.
At the time of writing, Metaplanet shares are trading for $7.69, according to Google Finance.
The firm last month completed a purchase of ¥500 million ($3.4 million) in BTC, finalizing a plan to buy ¥1 billion worth of Bitcoin using a loan taken out earlier in the month. Days before, it announced plans to raise ¥10.08 billion through a stock rights offering in order to further expand its Bitcoin reserves.
The firm’s Bitcoin buying strategy follows in the footsteps of U.S. software firm MicroStrategy, which has accumulated almost $13 billion in BTC—more than 1% of the total supply of Bitcoin—under the direction of its chair, Bitcoin bull Michael Saylor.
Earlier this week, Saylor predicted that the price of Bitcoin would rise to $13 million over a 21-year period—something that would place the cryptocurrency’s market capitalization at $256 trillion, or almost ten times the current U.S. gross domestic product.
Edited by Stacy Elliott.
