Japan-based investment firm Metaplanet has recently announced its largest Bitcoin acquisition to date, purchasing 619.7 BTC for $61 million. This move comes as the firm continues its Bitcoin buying spree, increasing its total BTC holdings to 1,762. Despite the recent market downturn, Metaplanet remains bullish on Bitcoin, with its latest purchase being nearly double the value of its previous largest acquisition.
Metaplanet began buying BTC earlier this year in May and has been consistently adding to its holdings every month, except for September. The firm’s Bitcoin acquisition strategy has earned it the nickname “Asia’s MicroStrategy,” drawing parallels to the US-based business intelligence firm known for its aggressive Bitcoin buying approach. With its latest purchase, Metaplanet now holds the 12th-largest BTC reserves among publicly listed firms globally, showcasing its commitment to digital assets.
In a strategic move to accelerate its Bitcoin purchases, Metaplanet recently raised $60.6 million through two bond issuances. The firm’s BTC Yield metric, which measures the performance of its Bitcoin acquisition strategy, stood at an impressive 310% from October 1 to December 23. Metaplanet emphasizes that its strategy is designed to be beneficial for shareholders, despite today’s significant BTC purchase having little impact on the company’s stock price.
Bitcoin’s scarcity and inflation-resistant properties have attracted institutions and corporations looking to hedge against traditional fiat currencies. With the total maximum supply of Bitcoin capped at 21 million, the recent trend of BTC withdrawal from exchanges has led to a supply crunch, potentially driving prices higher. Companies like Hut 8 and MARA have significantly increased their BTC holdings, with speculations even circulating about a potential US strategic Bitcoin reserve.
As Bitcoin’s adoption continues to grow globally, the supply crunch narrative could further fuel its price appreciation. At the time of writing, Bitcoin is trading at $94,003, down 1.5% in the past 24 hours. Metaplanet’s aggressive Bitcoin buying strategy and impressive BTC holdings position the firm as a key player in the digital asset space, showcasing the potential long-term benefits of investing in cryptocurrencies.
