Tokyo-listed company Metaplanet has recently purchased 9.5 billion yen ($60.6 million) worth of Bitcoin, increasing its holdings to 1,761.98 BTC.
As part of its crypto treasury strategy, the publicly traded Japanese company acquired 619.7 Bitcoin at an average price of 15,330,073 yen per BTC, with a total investment of 9.5 billion yen.
Metaplanet’s latest financial disclosure reveals that the company now holds a total of 1,761.98 BTC, with an average purchase price of 11,846,002 yen (~$75,628) per Bitcoin. The document states that the company has spent a total of 20.872 billion yen on Bitcoin acquisitions.
This recent purchase is the largest to date for the Tokyo-based company and comes shortly after Metaplanet’s issuance of its 5th Series of Ordinary Bonds through a private placement with EVO FUND, raising 5 billion yen (approximately $32 million). The funds raised from the bond issuance were specifically allocated for the purchase of Bitcoin. These bonds, which will mature in June 2025, do not carry any interest and allow for early redemption under certain conditions.
In addition, Metaplanet provided updates on its BTC Yield, a metric used to measure the growth of Bitcoin holdings relative to fully diluted shares. From October 1 to December 23, the company’s BTC Yield increased to 309.82%, up from 41.7% in the previous quarter.
Bitcoin itself has performed strongly this year, with a 120% increase, outperforming assets such as the Nasdaq 100 and S&P 500 indices. However, it has recently experienced a pullback from its all-time high of $108,427 and is currently trading at $97,000 after the Federal Reserve indicated only two interest rate cuts in 2025.
Despite the retreat, on-chain metrics suggest that Bitcoin is still undervalued based on its Market Value to Realized Value (MVRV-Z) score, which currently stands at 2.84. This score is below the threshold of 3.7, which historically indicates that an asset is overvalued.