Metaplanet Inc, a Japanese based investment firm has bought the dip, with the company’s biggest ever single Bitcoin ($BTC) purchase.
The company revealed on Dec 23 that it had bought a whooping 619.7 Bitcoin worth 9.5 billion yen. This is a value of over $60-million-dollars (USD).
The bitcoin price was $96,000, an average of 15,330,073 yen a piece totaling to 9.5 billion yen making their largest ever purchase.
This now breaks the company’s previous buying record of 159.7 BTC, which it made in late October this year.
Metaplanet has been dubbed “Asia’s MicroStrategy” after America’s MicroStrategy because the two seem to have a similar Bitcoin acquisition framework.
Metaplanet’s recent purchase brings the company’s total Bitcoin reserve to around 1,762 BTC worth $168 million.
The company now ranks number 12 among public companies in terms of Bitcoin stack coming behind Semler Scientific.
Metaplanet Discloses Its Bitcoin Yield
The Tokyo headquartered company also disclosed that between Oct.1 to Dec.23, its Bitcoin yield was 310%. This is considerably higher than their previous yield of 41.7% from July to September.
Bitcoin yield is a metric used to evaluate bitcoin holdings against the total maximum supply.
According to the document, the company has spent close to 20.872 billion yen in bitcoin purchases since it started acquiring the token.
Bitcoin has outdone itself this year, achieving a new all time high and climbing upto 120% outperforming other assets.
It has however dropped, and is currently trading at $97,000 from its ATH of $108,427 just a few days ago.
On-chain metrics however, show that Bitcoin is still undervalued and is highly likely to bounce back.
Metaplanet’s stock prices rose by almost five percent after the announcement despite being down by 13% over the last week.
Bitcoin Accumulation Management
In mid December, the company came out and projected the profits realized since it started operations in 2017. Furthermore, they disclosed they were not only going to concentrate in stocking more bitcoin as part of their approach.
Instead, they have plans of creating a Bitcoin Accumulation Management as one of their business labels.
This would include loans and other financial services that would help in buying and holding bitcoin.
Metaplanet has cemented its portfolio as a bitcoin giant in Asia and even the whole world after a series of large purchases in the recent past. The recent purchase of 620 Bitcoin is now the biggest purchase ever by the company.
