- Japanese public company Metaplanet announced its purchase of 1,009 Bitcoin for $110 million.
- The business entity now holds 20,000 BTC, making it the world’s sixth-largest public company in terms of Bitcoin treasury.
Metaplanet didn’t miss a beat despite ongoing selling pressure across the cryptocurrency market. Instead of caving in to FUD (Fear, Doubt, Uncertainty), the Tokyo Stock Exchange (TSE) listed public company capitalized on the opportunity to buy Bitcoin (BTC) at a discount.
On Monday, Metaplanet started the month of September with a renewed commitment to its goal of stockpiling Bitcoin. It disclosed an acquisition of 1,009 BTC at an aggregate amount of 16.479 billion yen (approximately $110 million at prevailing exchange rates), translating to 16,331,984 yen ($111,021.50) per BTC.
Similar to the method Strategy employs, Metaplanet funded its latest Bitcoin purchase with proceeds from its bond offerings. So far, it has already raised a total of 20,000 BTC in its coffers, catapulting it into the sixth spot among the top public companies in the world holding Bitcoin. It is squeezed in the rankings between Bullish’s 24,000 BTC portfolio and Riot Platform’s 19,239 BTC stash.
The figures mean that the Japanese publicly traded firm currently controls 0.095% of Bitcoin’s total supply of 21 million units. Meanwhile, its BTC yield now sits at an impressive 486.7% year-to-date (YTD). This key performance indicator (KPI) represents the percentage change in the ratio of the company’s BTC reserves to its fully diluted shares outstanding. In other words, it indicates the income or returns the company generated simply by holding BTC through various financial strategies or programs without necessarily selling it.
Metaplanet has already invested 302.312 billion yen ($2.06 billion) in its Bitcoin accumulation. Its purchases average at 15,115,593 ($102,752.72) yen per BTC, dangerously close to the digital asset’s current value of $108K.
Like Strategy, Metaplanet has gained much public attention due to its aggressive Bitcoin buying spree. One side cheers on and hopes other Japanese companies will learn about the experience of the company led by CEO Simon Gerovich.
However, others expressed concern about the narrowing gap between Metaplanet’s dollar cost average and the prevailing price of Bitcoin. Some voiced their fear about the repercussions that may arise from the failure of Bitcoin treasury companies in the event of a market crash or deep price corrections, equating its possible effects to the Great Depression in the 1920s.
What’s your Reaction?
+1
0
+1
0
+1
0
+1
0
+1
1
+1
0
+1
0
