Metaplanet Increases Its Bitcoin Holding by Acquiring 620 BTC Worth $60.6M, Total BTC Holdings Now at 1,761

Metaplanet, a publicly listed Japanese company has increased its Bitcoin holding by acquiring fresh 620 BTC worth $60.6 million. The Tokyo-based company joins the growing list of firms acquiring Bitcoin on a large scale and holding strategic reserves of the leading crypto asset.

Publicly listed Japanese company Metaplanet has increased its Bitcoin holdings by acquiring an additional 620 BTC, valued at $60.6 million at the time of purchase.

The Tokyo-based company disclosed the fresh development in a financial statement shared via its official X handle, highlighting details of the acquisition and its total Bitcoin holdings.

Metaplanet’s latest purchase adds to its existing Bitcoin stash, bringing the total to 1,761 BTC, acquired at an average price of $75,628 per bitcoin. The Japanese company has spent a total of 20.872 billion yen on its Bitcoin acquisitions to date.

The latest purchase by the Tokyo-based firm marks its largest Bitcoin haul to date. It comes after the company issued its 5th series of ordinary bonds through private placement with EVO FUND, raising $32 million, which the firm disclosed will be used to acquire Bitcoin. These bonds are set to mature in June 2025 and carry no interest, while also permitting early redemption under certain conditions.

Metaplanet’s acquisition comes as Bitcoin experiences a slight dip in price levels, dropping from above $100,000 to $95,000 at the time of the report. The Japanese firm took advantage of this dip to stock up on Bitcoin, going against the current trend of firms buying Bitcoin even when the price is on the higher side.

Despite the recent setback in Bitcoin’s price, on-chain metrics still indicate that the asset is undervalued, with its market value to realized value (MVRV) score standing at 2.84.