Japan-based Bitcoin 
$77,690 treasury company Metaplanet made one of the year’s largest institutional cryptocurrency purchases. The company announced on Monday that it had purchased 5,419 BTC at an average price of $116,724, with a total expenditure amounting to $632.5 million.
Metaplanet’s Bitcoin Holdings
Metaplanet CEO Simon Gerovich disclosed that following the recent acquisition, the company’s total Bitcoin holdings have reached 25,555 BTC, valued at $2.71 billion. The average cost of the company’s acquisitions stands at $106,065 per Bitcoin.
According to Bitcoin Treasuries data, Metaplanet ascended to become the fifth-largest Bitcoin holder among publicly traded companies with this purchase. It surpasses Bullish, but remains behind Strategy, Marathon Digital, XXI, and Bitcoin Standard Treasury Company. The list is topped by Strategy, managed by Michael Saylor, with 638,985 BTC.
Metaplanet is also exploring new financing strategies. Earlier this month, it announced the issue of 385 million new shares to generate $1.4 billion, which is intended for direct investment in Bitcoin. Additionally, last week, Metaplanet Income, a new subsidiary in the US, was established to focus on derivative products and income generation activities.
In Tokyo, Metaplanet’s shares fell by 0.5% on the first day of the week. Over the last month, the shares have depreciated by a total of 27.5%. However, since the start of the year, the company’s shares have surged by 73.85%. Meanwhile, its US-listed shares ended last week with a 3.81% increase, closing at $4.09.
Bitcoin Faces Price Drop as Week Begins
Meanwhile, the largest cryptocurrency, Bitcoin, started the new week with a sharp price decline. Following last week’s Fed interest rate cut, Bitcoin rose to $118,000 but decreased by 1.06% in the past 24 hours to $114,000. The current Bitcoin price is below Metaplanet’s average acquisition cost.
