Metaplanet Snaps Up More Bitcoin in Biggest Single Buy to Date

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A little-known Japanese investment firm that made headlines for its Bitcoin buys just snapped up more of the biggest cryptocurrency.

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Metaplanet, which trades on the Tokyo Stock Exchange, announced Monday that it had bought 619.7 Bitcoin for a total of 9.5 billion yen ($60.5 million)—its largest single purchase of the orange coin.

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Only last week, Metaplanet said it would accelerate its Bitcoin buys by issuing debt. As of Monday, it owned 1,761.98 Bitcoin. That’s over $164 million in the biggest digital asset at today’s prices.

The company is copying the model established by American software firm MicroStrategy, which in 2020 started buying Bitcoin as a strategy to get shareholders the best value for money. It now holds 444,262 BTC—valued above $41 billion—following its latest buy.

MicroStrategy works to securitize Bitcoin, buying the asset and allowing investors to get exposure to it via its Nasdaq-listed shares.

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But in Japan, not everyone with exposure to Metaplanet might be happy with the firm copying MicroStrategy: The company’s stock dipped hard last week on news that the firm would become a “Bitcoin treasury” with a “responsibility as a pioneer in the country’s Bitcoin ecosystem.”

Bitcoin is currently trading for $92,625 per coin, a more than 3% drop over 24 hours and a 13% fall over a seven-day period, CoinGecko data shows.

Edited by Andrew Hayward