Metaplanet buys dip with a purchase of 620 bitcoins.
Japanese investment firm Metaplanet has made the largest purchase of Bitcoin in history, buying around 620 bitcoins when the cryptocurrency traded below $100,000.
On December 23, Metaplanet announced the purchase of 619.7 Bitcoins (BTC) worth just under $60 million, with Bitcoin trading at around $96,000.
It was the largest single purchase by the firm since Bitbo began trading in May and nearly quadrupled from its October 28 purchase price of 159.7 BTC.
Metaplanet is named “Asia MicroStrategy” after the American Bitcoin buying firm, and the recent acquisition brings the Tokyo-based company's total Bitcoin holdings to 1,762 BTC, worth $168 million, with an average purchase price of around $75,600 per BTC.
The latest acquisition makes the Bitcoin stack the 12th largest among public companies behind medical tech maker Semler Scientific.
According to Metaplanet, the BTC yield from October 1 to December 23 was 310%, significantly higher than the 41.7% yield from July to September.
Metaplanet uses BTC Yield to “assess the performance of its Bitcoin acquisition strategy, which is intended to reward shareholders,” he said.
Metaplanet BTC Productivity. Source: Metaplanet
On December 18, the Japanese investment company predicted its first operating profit since 2017, saying it wants to move beyond buying Bitcoin as part of its treasury strategy.
In the investor statement, the company said that it will establish “Bitcoin storage and management” as a regular business line, to buy loans, equity, convertible bonds and other financial instruments and buy BTC.
In late November, Metaplanet announced plans to raise more than $62 million (9.5 billion Japanese yen) through a share buyback program.
Related: Metaplanet Becomes Asia's Second-Largest Corporate Bitcoin Owner
Metaplanet's share price rose 5 percent on the Tokyo Stock Exchange after the announcement, but fell 13 percent last week, Google Finance reported.
Still, shares in the firm have increased by more than 2,100% this year among the adoption of Bitcoin, hitting an all-time high of 4,080 Japanese yen ($26) on December 17.
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