Bitcoin (BTC)’s holiday week performance started in the red as Japanese firm Metaplanet announced its largest BTC purchase to date.
Listed in Tokyo Metaplanet announced that it had acquired 619.70 BTC for 9.5 billion yen (approximately $61 million), increasing its Bitcoin holdings by an incredible 54%. This brings the company’s total BTC holdings to 1,762 BTC, purchased at an average price of 11.85 million yen per Bitcoin.
Between October 1st and December 23rd, Metaplanet reported a BTC return of 309.82%, significantly exceeding the return of 41.7% in the previous quarter.
Since his adoption Bitcoin accumulation strategy In April, Metaplanet made 19 separate BTC purchases using capital market activity and operating income. To finance its latest acquisition, the company issued a 5 billion yen zero-coupon bond due June 2025, with early redemption options tied to share purchase rights.
Metaplanet’s ambitious strategy has sent its stock price up 2,100% this year and solidified its position as the 15th largest publicly traded Bitcoin holder.
Source: X
The market decline continues
Despite Metaplanets Record purchase, Bitcoin prices remained under pressure. According to BNC data, BTC fell 1.5% to around $95,500 in the last 24 hours. Analysts attribute the bearish market sentiment to a combination of factors, including the Federal Reserve’s recent hawkish tone and reduced trading activity ahead of the holidays. As the holiday season unfolds, crypto market participants remain cautious. While Metaplanet’s bold BTC acquisition highlights institutional interest in Bitcoin, short-term price movements suggest…
