Japanese investment firm Metaplanet has acquired an additional 775 Bitcoin (BTC), valued at approximately $93 million. This new purchase brings its total holdings to 18,888 BTC, valued at around $2.18 billion at current prices.
Metaplanet’s President, Simon Gerovich, shared on X that the company bought the new batch of bitcoin at an average price of $120,006 each. Overall, the firm has spent about $1.94 billion on its bitcoin holdings, with an average purchase price of $102,653 per BTC. Gerovich celebrated the milestone by writing, “18,888 BTC. Onward and upward. Move forward, and soar.”
Earlier this month, the firm bought 518 BTC for about $61.4 million, bringing its holdings at the time to 18,113 BTC. The company began its bitcoin accumulation strategy in April 2024 and has quickly become the seventh largest bitcoin-holding company globally, according to BitcoinTreasuries data.
Financial Performance
Last week, Metaplanet announced its second-quarter financial report which showed strong results. Its revenue rose 41% from the previous quarter to 1.2 billion yen ($8.4 million). The company also turned profitable, posting a net income of 11.1 billion yen ($75.1 million) after a loss in the first quarter. Going ahead, it expects full-year revenue of 3.4 billion yen and operating profit of 2.5 billion yen.
Moreover, the report also highlighted a 468.1% year-to-date return from its bitcoin investments, far outperforming the 7.2% average gain of the Tokyo Stock Price Index (TOPIX) Core 30, which tracks leading companies such as Toyota, Sony, and Mitsubishi Heavy Industries.
However, Metaplanet’s stock fell 8.6% to close at 866 yen on Friday in Japan, according to Yahoo Finance data. The stock edged up 1.8% with 882.00 around midday in Japan on Monday, with the market still open.
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