Japan’s ‘MicroStrategy’ Metaplanet is doubling down on its Bitcoin bet with another major purchase.
Summary
- Metaplanet has purchased 581 BTC for $61 million at an average price of $118,519 per coin.
- The company is aiming to reach 30,000 BTC on its balance sheet by the end of 2025.
- Metaplanet’s stock has fallen 37% over the past month amid a broader market cooldown.
On August 12, the Tokyo-based Bitcoin (BTC) treasury firm announced the acquisition of an additional 581 BTC, worth roughly $61 million. The purchase was made at an average price of $118,519 per BTC, bringing its total holdings to 18,113 BTC, valued at about $1.83 billion at current prices.
The latest buy follows a string of purchases in recent months, including 463 BTC just last week, as the company pushes toward its target of holding 30,000 BTC by year-end.
Since shifting to a Bitcoin-first approach last year, Metaplanet has transformed from a hospitality business into a publicly traded BTC treasury firm, now ranking as the world’s sixth-largest corporate Bitcoin holder.
Metaplanet CEO Simon Gerovich has framed the firm’s pivot as a hedge against yen weakness and sovereign debt risks, built around a two-stage strategy.
Inside Metaplanet’s dual-phase Bitcoin plan
As crypto.news previously reported, Metaplanet’s Bitcoin plan is split into two stages. Per the CEO, the first stage focuses on aggressive Bitcoin accumulation through equity issuance and debt financing, with a long-term vision to eventually control 1% of BTC’s total supply.
“We need to accumulate as much bitcoin as we can to get to a point where we’ve reached escape velocity and it just makes it very difficult for others to catch up,” he said.
Phase two will see the company leverage its BTC reserves to secure financing, with the proceeds directed toward acquiring profitable, cash-flowing businesses that align with its strategy, potentially in digital banking and financial services.
Metaplanet’s Strategy-style BTC push has so far delivered, putting the firm on the global radar and driving its stock to record highs. However, recent market pressures are casting a bearish short-term outlook.
Metaplanet’s stock slides
Metaplanet shares have plummeted roughly 37% over the last month and now trade 55% below this year’s peak. The drop has pulled its market capitalization down by 44%, from ¥1.14 trillion to about ¥638 billion.
The selloff is likely fueled by profit-taking among investors, particularly after its meteroric run this year. At its June high, Metaplanet’s stock was up more than 15,000% from its 2024 lows, making it one of the best-performing equities globally.
A broader cooldown in Bitcoin treasury stocks is another key driver. MicroStrategy, the OG bitcoin corporate treasury is down 30% from its high, while MARA Holdings and Trump Media have also posted double-digit losses.
Despite the drawdown, Metaplanet remains up 175% year-to-date. The pullback in valuation does not appear to have shaken its long-term commitment, with the company recently announcing plans to raise another $3.7 billion to buy more Bitcoin.
Meanwhile, Bitcoin itself has been trading higher over the past week, up roughly 3.8%. It briefly climbed above $122,000 before easing to about $118,706 at the time of writing.
