By Frank Martin (MoneyAmped.com)
Japan-based investment company Metaplanet bought 620 Bitcoin on Sunday as the coin dipped below $100,000. The purchase was the biggest ever for the firm, which began scooping up Bitcoin in May.
How Much Bitcoin Does Metaplanet Hold?
According to Metaplanet’s statement on Monday, the company spent roughly $60 million to buy Bitcoin, meaning the average purchase price was approximately $96,700. Bitbo data now shows that Metaplanet holds 1,762 Bitcoin worth $168 million. This holding has an average buy price of $75,650 per coin.
Furthermore, the investment firm recently reported that its Bitcoin holding had generated a yield of 310% between October 1st and December 23rd. That figure is significantly higher than the 40.6% yield realized between July 1st and September 30th.
Metaplanet Plans to Expand Its Bitcoin Strategy
Following Bitcoin’s success this year, Metaplanet says it will likely end its financial year in profits for the first time in seven years. Going forward, the Japanese investment company is looking to adjust its Bitcoin strategy. Last week, Metaplanet said it would convert the strategy into a formal business line, allowing the firm to issue convertible notes and borrow loans to buy and hold Bitcoin.
Metaplanet’s Stock Surges Following Firm’s Bitcoin Purchase
The latest Bitcoin purchase has triggered a rally in Metaplaner’s stock. According to data from the Tokyo Stock Exchange, the 3350-T stock has seen its price rise by 5% in the past 24 hours. However, it remains down 12% in the last seven days.
Notably, Metaplanet’s stock price has increased by over 2,100% since May when the company adopted Bitcoin as its treasury reserve. 3350-T reached an all-time of 4,079 Japanese yen on December 17th but has dropped to 3,540 as of this writing.
It is worth highlighting that Metaplanet isn’t the only company to have made Bitcoin purchases this month. US software firm Microstrategy bought over 15,000 BTC last week, bringing its total holding to 439,000 coins. The Michael Saylor-led company is now the biggest institutional Bitcoin holder. Interestingly, it owns more Bitcoin than the US and Chinese governments combined.
