Metaplanet buys 620 Bitcoin for $60M in record purchase

Japanese investment firm Metaplanet has made its largest Bitcoin (CRYPTO:BTC) purchase to date, acquiring 620 BTC for nearly $60 million as Bitcoin's price trades below $100,000.

On December 23, Metaplanet announced it bought 619.7 Bitcoin at approximately $96,000 per coin, marking its most significant single purchase since it started acquiring Bitcoin in May.

This purchase is nearly four times larger than its previous record buy of 159.7 BTC in October.

The Tokyo-based firm now holds a total of 1,762 BTC, valued at about $168 million.

With this purchase, Metaplanet’s average price per Bitcoin stands at around $75,600.

Its Bitcoin holdings make it the 12th largest corporate Bitcoin holder, following behind medical tech maker Semler Scientific.

Metaplanet reported that from October 1 to December 23, its Bitcoin yield reached 310%, significantly higher than the 41.7% yield from July to September.

The firm uses Bitcoin Yield to evaluate the effectiveness of its Bitcoin acquisition strategy, which it states benefits shareholders.

In a recent statement, Metaplanet projected it would achieve its first operating profit since 2017.

The company also plans to expand its Bitcoin-related business beyond simple purchases.

Metaplanet intends to establish “Bitcoin accumulation and management” as an official business line, which will include financial products like loans, equity, and convertible bonds to acquire and hold Bitcoin.

In November, Metaplanet disclosed plans to raise over $62 million through a stock acquisition program to buy more Bitcoin.

Despite a 13% drop in stock price in the past week, the firm’s shares have surged more than 2,100% this year, hitting a peak of 4,080 Japanese yen ($26) on December 17.

At the time of reporting, the Bitcoin (BTC) price was $94,838.26.