Metaplanet Inc. Expands Bitcoin Holdings with New 42.47 BTC Acquisition

Metaplanet Inc., an early-stage investment firm, has recently made a significant move in the cryptocurrency market. On July 8, 2024, the company announced that it had purchased an additional 42.47 Bitcoins. This purchase follows a previous announcement on June 24, 2024, where Metaplanet disclosed its plan to invest 1 billion yen in Bitcoin. The company’s board of directors authorized the purchase, which is part of a broader strategy to diversify assets and hedge against market volatility. This investment was funded through a new bond issuance aimed specifically at acquiring Bitcoin.

The purchase price averages 9,419,300 yen per Bitcoin. Metaplanet announced that this acquisition is an extension of its previous investment plan to purchase Bitcoin worth 1 billion yen. Notably, the total Bitcoin holdings for Metaplanet now stand at 203.73 Bitcoins, with an average purchase price of 10,062,517 yen per Bitcoin. The aggregated amount of Bitcoin purchased by the company has reached 2.05 billion yen. These strategic moves highlight Metaplanet’s commitment to investing in cryptocurrencies despite recent market fluctuations.

To facilitate the Bitcoin purchase, Metaplanet Inc. issued a series of bonds totaling 1 billion yen. The bonds, announced on June 24, 2024, have an annual interest rate of 0.5%. This issuance demonstrates Metaplanet’s innovative approach to asset diversification. The funds raised from these bonds were explicitly allocated for the acquisition of Bitcoin. 

This strategic investment is part of Metaplanet’s broader objective to diversify its portfolio and mitigate risks associated with traditional financial markets. Furthermore, the company’s decision to invest in Bitcoin reflects its long-term vision and confidence in the digital currency’s potential as a hedge against inflation and market instability.

During the time of Metaplanet’s announcement, Bitcoin’s market conditions reflected significant volatility. At press time, Bitcoin was trading at $55,744.30, experiencing a 3.43% price decline in the previous 24 hours and a 12.35% decrease over the past week. 

The trading volume of Bitcoin was noted to be $24,086,871,875, indicating active market engagement despite the downward trend. With a circulating supply of 20 million Bitcoins, the market capitalization for Bitcoin stood at $1,093,047,635,425. These market dynamics underscore the challenges and opportunities present in the cryptocurrency sector, which Metaplanet aims to navigate through its strategic investments.