Japan’s MicroStrategy subsidiary, Metaplanet, announced the acquisition of an additional 617 Bitcoins, capitalizing on the recent price dip. The company revealed that its total Bitcoin 
$96,236 holdings have increased to 1,762 BTC and achieved a remarkable return of 309%. During this period, Bitcoin traded around $95,000, but the company’s stock prices struggled to recover due to poor market sentiment.
Total Bitcoin Holdings Reach 1,762 BTC
In a statement made on Monday, Metaplanet disclosed that it invested approximately $60.7 million to purchase the 617 Bitcoins, paying an average price of 15.33 million Yen per Bitcoin. This new acquisition raised Metaplanet’s total Bitcoin assets to 1,762 BTC, with the total investment value reaching about 20.87 billion Yen.
The company reported a return of 309.8% year-to-date from these strategic investments. With Bitcoin reaching $108,000 during this quarter, the returns showed significant growth compared to the 41.7% recorded in the third quarter. CEO Simon Gerovich stated, “We consider Bitcoin a strategic asset. This investment adds value for our shareholders and preserves our capital.”
Metaplanet’s Strategy Affects Stock Prices
Metaplanet’s Bitcoin strategy resulted in a 2,034% increase in stock prices on an annual basis. However, after reaching a record high of 4,250 Japanese Yen last week, the stock price experienced a 20% correction, dropping to around 3,410 Japanese Yen. To finance these acquisitions, the company raised 9.5 billion Yen through bond sales last week.
Meanwhile, Bitcoin prices have fallen to $95,500, with market capitalization dipping below $1.9 trillion. Other investors, such as El Salvador, have also seized the price drop as an opportunity to increase their BTC reserves, with the government recently purchasing 29 more Bitcoins, bringing their total to 5,995 BTC.
Metaplanet’s investments in Bitcoin illustrate its commitment to expanding its digital asset portfolio and strengthening its market position despite market fluctuations. This move also serves as a significant example, inspiring increased interest in Bitcoin among other investors.
