Metaplanet makes largest Bitcoin bet, acquires nearly 620 BTC

Tokyo-listed Metaplanet purchased another 9.5 billion yen ($60.6 million) worth of Bitcoin, increasing its holdings to 1,761.98 BTC.

Metaplanet, a publicly traded Japanese company, purchased 619.7 Bitcoins as part of its crypto treasury strategy, paying an average of 15,330,073 yen per BTC, for a total investment of 9.5 billion yen.

According to the company’s latest financial disclosure, Metaplanet’s total Bitcoin holdings currently stand at 1,761.98 BTC, with an average purchase price of 11,846,002 yen (~$75,628) per Bitcoin. The document states that the company spent a total of 20.872 billion yen on Bitcoin purchases.

The latest acquisition is the largest ever for the Tokyo-based company, coming just days after Metaplanet raised 5 billion yen (approximately $32 million) by issuing its Series 5 Common Notes via a private placement with EVO FUND .

Proceeds from this issuance were specifically allocated to purchase Bitcoin, as previously explained. These bonds, which will mature in June 2025, are interest-free and allow early redemption under certain conditions.

Metaplanet bought the dip

The company also shared updates on BTC Yield, a metric used to measure the growth of Bitcoin holdings relative to fully diluted shares. From October 1 to December 23, Metaplanet’s BTC Yield increased from 41.7% in the previous quarter to 309.82%.

Bitcoin has performed strongly this year; It rose 120% and outperformed assets like the Nasdaq 100 and S&P 500 indexes. However, it recently pulled back from its all-time high of $108,427 and traded at $97,000 after the Federal Reserve indicated it would make only two interest rate cuts in 2025.

Despite the pullback, on-chain metrics show Bitcoin is still undervalued based on Market Value to Realized Value (MVRV-Z); this score stands at 2.84; This is below the 3.7 threshold that has historically signaled an asset is overvalued.