As a seasoned researcher with a keen interest in the dynamic world of cryptocurrencies, I find myself intrigued by Metaplanet’s latest Bitcoin acquisition. With my fingers permanently attached to the financial news feed and my eyes glued to the charts, I can confidently say that this move is a bold one.
Tokyo-based Metaplanet recently acquired additional 9.5 billion yen (approximately $60.6 million) in Bitcoin, bringing their total Bitcoin ownership to 1,761.98 Bitcoins.
In simpler terms, the Japanese company Metaplanet, which is publicly owned, has spent approximately $95 million to purchase about 619.7 Bitcoins as part of its strategy to hold cryptocurrencies in its reserves. The average price per Bitcoin was around $15,330,073 yen.
*Metaplanet purchases additional 619.70 BTC*
— Metaplanet Inc. (@Metaplanet_JP) December 23, 2024
As reported in their recent financial statement, Metaplanet currently owns a total of 1,761.98 Bitcoins. Each Bitcoin was purchased for an average price of approximately 11,846,002 Japanese yen, which is equivalent to about $75,628 USD. In total, the company has invested 20.872 billion yen in acquiring Bitcoins.
The most recent acquisition marks the biggest one yet for the corporation based in Tokyo, and it follows closely on the heels of Metaplanet’s issuance of its fifth series of Ordinary Bonds through a private placement with EVO FUND, garnering approximately 5 billion yen or around $32 million.
The money raised through this bond sale, as previously mentioned, was earmarked explicitly for the acquisition of Bitcoin. These bonds, maturing in June 2025, offer no interest and can be redeemed early under certain terms.
Metaplanet buys dip
The business also disclosed developments concerning its Bitcoin Growth Rate, a tool that quantifies the expansion of Bitcoin assets compared to all outstanding shares. Over the period from October 1st to December 23rd, Metaplanet’s Bitcoin Growth Rate escalated significantly to 309.82%, marking an increase from 41.7% in the preceding quarter.
As an analyst, I’ve observed a remarkable surge in Bitcoin’s value this year, with a staggering increase of 120%. This digital currency has outpaced traditional assets such as the Nasdaq 100 and S&P 500 indices. However, following the Federal Reserve’s announcement that they anticipate only two interest rate cuts in 2025, Bitcoin has retreated from its peak of $108,427, currently trading at around $97,000.
Even though Bitcoin has recently experienced a decline, its Market Value to Realized Value (MVRV-Z) ratio currently stands at 2.84, suggesting that it may still be underpriced compared to historical norms. A MVRV-Z score above 3.7 typically indicates an overvalued asset.
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2024-12-23 10:26