Japanese investment firm Metaplanet has significantly increased its Bitcoin reserves, purchasing 5,419 BTC and securing its position as the world’s fifth-largest corporate Bitcoin holder.
According to a statement released on Monday, the company acquired 5,419 Bitcoins (BTC) at an average price of 17,281,012 yen per coin, which translates to approximately $117,000 per Bitcoin. This latest investment, totaling $633 million, brings Metaplanet’s total Bitcoin holdings to 25,555 BTC. Data from BitcoinTreasuries.NET confirms that this places them in fifth place among publicly traded companies holding Bitcoin.
At the time of the transaction, the purchase price for the newest Bitcoin acquisition resulted in a paper loss of approximately 3.9%, given that the current market value of Bitcoin hovers around $112,500. Despite the recent purchase, Metaplanet’s Bitcoin yield, measured by the percentage change in total BTC per fully diluted share, showed a 10.3% increase between July 1st and September 22nd.
Currently, Metaplanet’s Bitcoin reserves are valued at close to $3 billion, a considerable increase from the $2.1 billion valuation recorded just a month prior. However, the company’s stock performance has not mirrored this growth.
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Metaplanet Stock Performance Declines
While Metaplanet shares experienced a 3.8% increase on Monday, they remain under significant pressure. Data from Google Finance indicates that the stock has decreased by over 30% in the last month. On Monday, shares were trading at $4.09.
Despite trading significantly below its peak of $15.35 recorded on May 21st, Metaplanet’s stock has still risen by nearly 78% this year.
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Metaplanet Focuses on Continued Expansion
Facing challenges due to a declining share price, Metaplanet’s funding model, which supports its Bitcoin accumulation, is under strain. Nevertheless, the company seems committed to pursuing significant growth and expanding its Bitcoin holdings.
Earlier in the month, Metaplanet announced the creation of Metaplanet Income Corp., a wholly-owned subsidiary in Miami, Florida, with an initial investment of $15 million. Simultaneously, they introduced Bitcoin Japan Inc., aimed at strengthening their Bitcoin-related activities within Japan.
Also during September, Metaplanet announced intentions to issue 385 million new shares to support the expansion of its Bitcoin portfolio and related ventures. This plan involves offering the new shares at a discount of almost 10% and anticipates raising approximately $1.44 billion.
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