- Metaplanet continued its Bitcoin purchases with a $93M buy to increase its holdings to 18,888 BTC.
- The move aligns with its broader goal of securing up to 210,000 BTC by 2027.
Metaplanet, a Tokyo-listed public company, disclosed its latest batch of Bitcoin (BTC) purchases this Monday. According to its recent filing, it acquired 775 BTC for around $93 million between August 12 and 18.
The amount translates to an average of $120,006 per BTC, which is already near the premier cryptocurrency asset’s $124,457.12 all-time high achieved on August 14. Nevertheless, the event led to Metaplanet growing its haul to 18,888 BTC.
Meanwhile, the latest acquisition increased Metaplanet’s BTC yield to 480.2% year-to-date. BTC yield is a key performance indicator (KPI) representing the percentage change in the ratio of the company’s Bitcoin treasury to its fully diluted shares outstanding.
To date, the Japanese firm has invested $1.94 billion in its Bitcoin buying spree. The amount is equivalent to $102,653 per BTC.
Debt issuances mainly fueled Metaplanet’s aggressive Bitcoin accumulation, similar to Strategy’s (formerly MicroStrategy) playbook. Its ongoing Bitcoin Treasury Operations align with its “555 Million Plan,” which aims to raise ¥770.9 billion (around $5.4B) in capital to sustain its BTC buying program. Company CEO Simon Gerovich noted that the move marks Asia’s largest-ever equity raise dedicated to Bitcoin.
Last June, the Tokyo-listed entity revealed its ultimate plan of capturing at least 210,000 BTC by 2027. The figures comprise 1% of Bitcoin’s 21 million supply cap. At this rate, the numbers are still far from the company’s goal, but it expects to lock in up to 30,000 BTC for the 2025 fiscal year.
Metaplanet now ranks seventh among the world’s top public Bitcoin treasury companies. It is currently squeezed between Riot Platforms’ 19,239 BTC stash and Trump Media & Technology Group’s 15,000 BTC holdings.
Leading the charge is Strategy with its 628,946 BTC treasury, controlling 2.99% of Bitcoin’s overall supply. The company co-founded by its current Executive Chairman, Michael Saylor, is expected to announce more BTC acquisitions today, following his cryptic post last Sunday.
Bitcoin Performance
As of 6:00 AM UTC on Monday, Bitcoin continued its dip to $115K, showing a roughly 3% decline from a $118,595.78 peak in the last 24 hours. Analysts attribute the trend to the continuation of a massive profit-taking since BTC logged a new all-time high last week. The situation resulted in the breach of the key support zone at $118K, catalyzing further sell-offs and liquidations, especially in leveraged positions.
The Producer Price Index (PPI) hike in the US added pressure to the crypto market, which cooled investors’ optimism for a potential interest rate cut from the Federal Reserve. PPI is a measure of inflation at the wholesale level.
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