Metaplanet Acquires 775 Bitcoin for $94 Million, Total Holdings Reach 18,888 BTC
Metaplanet Inc (3350), listed in Tokyo, acquired an additional 775 bitcoin (BTC) for 13.73 billion yen (approximately $94 million). This purchase, at an average price of 17.72 million yen ($120,500) per BTC, increases its total holdings to 18,888 BTC, valued at roughly 284.1 billion yen ($1.95 billion), maintaining Metaplanet as the seventh largest bitcoin treasury company.
Key details include:
- Average acquisition cost now stands at 15.04 million yen per BTC ($102,100).
- Bitcoin Yield decreased to 29.3% from 129.4% in Q2.
- Multiple to net asset value remains near 2, the lowest since BTC accumulation began.
- Outstanding debt is $117 million, with minimal leverage compared to bitcoin reserves.
- BTC reserves amount to $2.18 billion against $120 million of outstanding bonds.
- Current bond series is over-collateralized by 18.67 times due to BTC position.
Metaplanet's shares rose 4% to close at 900 yen on Monday, despite a decline in bitcoin's price to $115,500, indicating investor confidence in the company's financial strategy.