Japanese publicly traded firm Metaplanet has displayed unshakable confidence in the world-leading crypto, bitcoin (BTC). The company sees the market downtrend as an opportunity to accrue more units. In a strategic move, it has raised funds via a bond offering to boost its portfolio by 150 BTC. Notably, this is the company’s 23rd BTC purchase in history.
3,200 BTC Bagged
As revealed in the company’s official release, its latest bitcoin acquisition solidifies its position as Japan’s top BTC firm, as it now holds 3,200 BTC acquired within eight months. Metaplanet adopted BTC as a reserve asset in May 2024 as a hedge against the Japanese Yen (JPY), which has suffered inflation over a long period.
Concluding its latest purchase, Metaplanet has attained an average purchase of $84,140 per BTC. With the spot BTC price of $84,000, Metaplanet’s holdings are worth over $268 million. It has also achieved a BTC yield of 60.8% in Q1 2024.
$13 Million Fundraising
To expedite its latest BTC purchase, Metaplanet issued its 9th series of Ordinary Bonds to Evo Fund, an equity hedge fund managed by Evolution Capital Management. These bonds bear no interest.
Meanwhile, American business intelligence firm Strategy set the pace of institutional BTC investment and has sorted out various means to raise funds for more acquisitions, including convertible note offerings. Therefore, Metaplanet has been given the name Japanese Strategy, as its mode of BTC acquisition closely follows the footsteps of Strategy, which holds almost 500,000 BTC.
Notably, Metaplanet’s latest 150 BTC acquisition proves historic. It marks the first time it has announced a BTC purchase higher than Strategy, which only purchased 130 BTC this week.
However, this does not signal reduced confidence in BTC from Strategy’s end. The company recently concluded a 12-week BTC purchase streak in Q4 2024. Starting Q1 2025, it has also embarked on a bi-weekly BTC purchase, displaying more confidence in the crypto. Additionally, it has set out on its highest fundraising project, $21 billion, through an at-the-market (ATM) stock offering program to facilitate future BTC purchases.
Concurrently, the crypto market has been down as investors sell off their holdings in fear, dragging BTC below the $85,000 mark.
