Metaplanet buys the dip with 150-BTC purchase

Metaplanet, a Japanese Bitcoin treasury company, has purchased an additional 150 Bitcoin (BTC), bringing it one step closer to its plan of acquiring 21,000 BTC by 2026. The March 18 purchase cost an aggregate 1.88 billion yen ($12.6 million) or $83,671 per Bitcoin.

The purchase brings Metaplanet’s total holdings to 3,200 BTC worth $261.8 million at this time of writing. Despite this latest buy, Metaplanet’s stock price has fallen 0.5% on the day. On March 5, the company’s stock price jumped 19% after it announced its latest Bitcoin buy of 497 coins.

Metaplanet stock price change on March 18. Source: Google Finance

To date, Metaplanet has issued a little over 44 million common shares of company stock to fund its Bitcoin purchases. The use of stocks to raise money to buy Bitcoin has given the company the nickname “Asia’s MicroStrategy,” as the formula follows similar actions from Michael Saylor’s Strategy (formerly MicroStrategy).

Metaplanet’s BTC yield, a key performance indicator that shows the percentage change of total BTC holdings compared to fully diluted shares outstanding, is 60.8% for the ongoing quarter from Jan. 1 to March 18. That is a smaller change than the previous quarter, which saw a yield of 310%.

Related: Japan’s Metaplanet buys more Bitcoin, explores potential US listing

Metaplanet’s March 18 Bitcoin purchase makes it the 11th-largest corporate holder of Bitcoin and the largest in Asia, according to data from Bitgo.

After Metaplanet announced its plan to become a Bitcoin treasury company, its stock price rose 4,800% as of Feb. 10. Although its stock price has fallen 34% to 4,030 yen ($26.90) since Feb. 19, it is still well above the 150 yen ($1) that it registered on March 19, 2024.

According to a company presentation, Metaplanet’s shareholder base grew 500% in 2024, with 50,000 people or entities investing in the company. Its market capitalization has increased 9,652% in one year, according to data from Stock Analysis.

Related: Japan asks Apple, Google to remove unregistered crypto exchange apps

Metaplanet’s rise comes as Japan has shown a softening stance toward digital assets. On March 6, the country’s ruling party moved to reduce crypto capital gains taxes by 20%. In November 2024, the government passed a stimulus package, committing to crypto tax reform.

Japanese lawmaker Satoshi Hamada has asked the government to consider creating a strategic Bitcoin reserve and convert part of its foreign exchange reserve into BTC.

However, Japanese Prime Minister Shigeru Ishiba later responded, saying the Japanese government didn’t know enough about other countries’ plans, which made it difficult for the government to express its views on the subject.

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