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CoinGape 2024-12-23 06:42:10

Metaplanet Boosts Bitcoin Holdings by 56% Buying BTC Price Dips

Japan’s MicroStrategy Metaplanet announced the purchase of an additional 617 BTC on Monday, buying the Bitcoin dips to $95,000 levels. It further reported that the company has generated a massive 309% yield on its Bitcoin holdings during the fourth quarter. However, the stock price has failed to rebound today significantly amid low sentiments. Metaplanet Takes Its Total Bitcoin Holdings to 1762 Bitcoins Earlier today, Japan’s MicroStrategy announced the acquisition of an additional 619.70 Bitcoin for an investment value of ¥9.5 billion (~$60.7 million), purchased at an average price of ¥15.33 million per Bitcoin. This latest investment has helped the company achieve a Bitcoin yield of 309.8% quarter-to-date. Also, with the Bitcoin price rally to an all-time high of $108K this quarter, the company’s BTC yield has seen a substantial jump from 41.7% during the third quarter. As of December 23, Metaplanet’s total Bitcoin holdings stand at 1,761.98 BTC, acquired for approximately ¥20.87 billion. This comes as part of the company’s ongoing commitment to increasing its BTC holdings. Last week, the Japanese firm issued its 4th Series of Ordinary Bonds, successfully raising 4.5 billion Yen from EVO FUND , on December 17, 2024. Later in the week ahead on December 20, the Japanese firm issued its 5th Series of Ordinary Bonds, raising an additional ¥5.0 billion from EVO FUND under similar terms as the 4th Series. Seeing the opportunity with the 10% BTC price drip from its all-time high amid the crypto market crash , Metaplanet poured all the proceeds into fresh Bitcoin purchases. Metaplanet Becoming Bitcoin Treasury Company Last week, Metaplanet officially identified itself as a Bitcoin Treasury company. “The company aims to strategically acquire and manage Bitcoin as a core corporate asset and leverage capital markets to increase shareholder value,” noted the firm. CEO Simon Gerovich said that their Bitcoin acquisition strategy helps to protect capital against the declining Japanese Yen. Stock Price Up Over 2000% YTD The company’s Bitcoin adoption strategy has triggered a massive surge in its stock price hitting an all-time high of 4,250 JPY last week. However, since then the stock has corrected nearly 20% and is currently trading at 3,410 JPY levels. As of now, the Metaplanet stock is up by a massive 2,034% year-to-date, thereby taking the company’s valuation to more than $1 billion. Businesses and Governments Buying the BTC Price Dip Apart from Japan’s MicroStrategy, other big whales are also accumulating BTC in this recent correction. Data from Arkham Intelligence shows that the El Salvador government boosted its Bitcoin reserves, acquiring an additional 29 BTC worth approximately $2.84 million. This latest purchase raises the country’s total Bitcoin holdings to 5,995 BTC, valued at $562 million, and comes at a time when El Salvador reached a deal with the International Monetary Fund (IMF) while securing $1.4 billion in loan. Bitcoin price today is trading at $95,500 with its market cap slipping under $1.9 trillion. Also, the daily trading volumes have dropped more than 4.18% slipping under $50 billion. Coinglass data shows that the 24-hour liquidation has jumped to $62 million with $40 million in long-liquidation. The post Metaplanet Boosts Bitcoin Holdings by 56% Buying BTC Price Dips appeared first on CoinGape .

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