- Metaplanet buys 4,279 BTC for $451M, increasing total holdings.
- Bitcoin volatility impacts Metaplanet, with a 17% drop in value.
- Metaplanet raises $500M credit facility to boost stock value.
Metaplanet, a Japanese Bitcoin treasury firm, has significantly expanded its Bitcoin holdings. According to the company’s CEO Gerovich, the company acquired 4,279 BTC for a total of $451.06 million, purchasing at an average price of $105,412 per Bitcoin.
This latest addition brings Metaplanet’s total Bitcoin holdings to 35,102 BTC, valued at a combined cost of $3.78 billion, with an average purchase price of $107,606 per Bitcoin. During the fourth quarter, Bitcoin experienced considerable fluctuations.
The cryptocurrency reached an all-time high of $126,080 in early October before plunging below $85,000 just weeks later. At the time of writing, Bitcoin was trading at $87,400, reflecting a 2.4% decrease in the past 24 hours. Metaplanet’s fourth-quarter purchases are now worth approximately $374 million, a 17% drop from the price the company paid.
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Metaplanet’s Strategic Moves Amid Market Declines
This price decline across the crypto market led to a broader sell-off in crypto treasury stocks, with Metaplanet’s shares also taking a hit. The company’s U.S. shares (MTPLF) dropped 4.26% to close at $2.70, far below their May peak of over $15. Similarly, Metaplanet’s Tokyo-listed stock fell 7.95%, closing at 405 yen.
In response to its stock’s underperformance, Metaplanet announced a $500 million credit facility in October to fund a share buyback program. This move aims to increase the value of its stock, which was trading at a discount to its Bitcoin holdings. The company also raised capital through new share issuances to overseas investors, using some of these funds to purchase more Bitcoin.
Metaplanet remains confident in its strategy, stating that its Bitcoin holdings provide substantial collateral coverage for its loan. The company emphasized that its borrowing policy ensures adequate buffers even during periods of significant price volatility.
Additionally, Metaplanet reassured investors that the financial impact of the loan will be minimal by the end of the year. Currently, the company’s mNAV stands at 1.02, indicating a slight premium over its Bitcoin holdings.
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