It appears that the recent dip in price and performance of Bitcoin has in no way affected the Bitcoin buying spree of Metaplanet. This follows after the Tokyo-based investment firm recently announced a 1 billion yen ($6.26 million) bond sale to acquire more of the cryptocurrency. A June 24th notice revealed the board’s approval to purchase Bitcoin for long-term holding with the bond proceeds. The bonds themselves will have a low 0.5% annual interest rate and will mature in June 2025.
Since the beginning of this year, Metaplanet has focused on what it calls a “Bitcoin-first” treasury strategy. This has seen its stock price surge over 500% in the year running, making the strategy even more convincing.
Metaplanet Remains Unfazed amid Dwindling BTC Prices
Metaplanet’s foray into Bitcoin began in mid-May, citing concerns about the Japanese economy. Their initial “Bitcoin-only” approach mirrored the strategy of American software giant MicroStrategy, the current leader in corporate Bitcoin holdings with over 214,000 BTC.
However, the latest move comes as Bitcoin experiences a 40-day low, currently trading around $62,733. While this dip might have caused some investors to be a little hesitant, Metaplanet appears to be focused on the long-term. That means, if they were to purchase today, they would acquire roughly 99.84 BTC, adding to their existing possession of 141.07 BTC.
Notably, though, Bitcoin’s recent price decline has meant that Metaplanet’s overall BTC investment so far might not yet be on the yielding side. That is, considering its last holdings report shared in early June, where Metaplanet claimed that its average purchasing price was 10.28 million yen, or $65,365, per Bitcoin.
Despite this, the company has continued to show commitment to its strategy through the bond sale, suggesting that it holds an unwavering belief in Bitcoin’s long-term potential.
By continuously betting on Bitcoin, Metaplanet has now drawn comparisons with America’s MicroStrategy.
