30s Summary
Japanese investment firm, Metaplanet, recently bought 620 Bitcoins at just under $60 million, marking their largest single purchase since first entering the Bitcoin market in May. The company now holds 1,762 Bitcoins valued at approximately $168 million. The investment strategy has yielded considerable returns, from 41.7% in the period July-September to 310% between October and December. Metaplanet is considering launching a Bitcoin-focused business and is planning to raise over $62 million to buy even more Bitcoins. Since announcing their plans, Metaplanet’s stock has risen 5% on the Tokyo Stock Exchange.
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Japanese investment company Metaplanet just made a massive Bitcoin buy—like, their largest ever. They nabbed a whopping 620 Bitcoins, which is uber impressive since each coin is now valued below $100,000.
On December 23, Metaplanet spread the news that they’d picked up 619.7 Bitcoins, which came to just under $60 million total. That’s the most bitcoins they’ve ever bought in a single purchase since they started getting into the Bitcoin game in May. In fact, it’s about four times the value of their previous record buy.
Because of these big moves, Metaplanet has kinda turned into Asia’s version of MicroStrategy, an American company known for buying up Bitcoin. With this purchase, Metaplanet now holds a total of 1,762 Bitcoins, which is around $168 million overall.
Metaplanet’s investment has paid off big time, with a 310% return noticeable from October 1 to December 23. This is a huge uptick from the 41.7% return they noticed just from July to September. It’s all part of Metaplanet’s strategy to get the most bang for their buck when it comes to Bitcoin.
On December 18, the company predicted it would finally see a profit for the first time since 2017, hinting at a future strategy that goes beyond just buying Bitcoin. They’re thinking about starting a whole new business focused on Bitcoin.
Late in November, Metaplanet shared their plan to raise over $62 million in order to buy even more Bitcoin.
After the announcement, Metaplanet’s stock jumped up 5% on the Tokyo Stock Exchange. Although shares were down almost 13% over the last week, they’ve skyrocketed this year — up over 2,100% — as the firm started buying up more and more Bitcoin.