Japan's Metaplanet has expanded its BTC reserves by purchasing 5,419 bitcoins, making it the fifth largest corporate holder of cryptocurrency globally.
The company announced on Monday that it acquired 5,419 BTC at an average price of 17,281,012 yen (approximately $117,000) per bitcoin. With this latest investment of $633 million, the company's BTC holdings have reached 25,555 coins, according to data from BitcoinTreasuries.NET, making it the fifth largest corporate BTC reserve holder.
The purchase price of the latest batch of BTC was slightly below $117,000, and as of the time of writing, this investment has incurred a loss of nearly 3.9%, with the current market price around $112,500. Following this purchase, Metaplanet's BTC yield (the percentage change in total BTC per fully diluted share) reached 10.3% from July 1 to September 22.
Metaplanet currently holds bitcoins valued at nearly $3 billion, a significant increase from $2.1 billion a month ago. However, the company's stock has not shown the same growth momentum during this period.
Metaplanet's stock price rose 3.8% on Monday but remains under pressure. According to Google Finance, the stock has fallen over 30% in the past month, trading at $4.09 on Monday.
Despite trading far below the historical high of $15.35 reported on May 21, the stock has still risen nearly 78% year-to-date.
With the significant decline in stock price, Metaplanet faces increasing pressure that threatens its financing model for building BTC reserves. Industry analysts point out that despite this, the company seems to be betting on continued positive growth and a strategy to expand its BTC holdings.
Earlier this month, Metaplanet announced the establishment of Metaplanet Income Corp., a wholly-owned U.S. subsidiary based in Miami with an initial capital of $15 million. At the same time, the company launched Bitcoin Japan Inc. to strengthen its domestic BTC-related business operations.
This month, Metaplanet also announced plans to issue 385 million new shares to expand its BTC holdings and related businesses. The plan indicates that the company will issue new shares at nearly a 10% discount, expecting to raise about $1.44 billion.
Related: As centralized risks increase, Bitcoin (BTC) mining difficulty hits an all-time high.
Original: “Metaplanet Becomes World’s 5th Largest Corporate Bitcoin Holder with $633M Buy”
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