Metaplanet Doubles Down on Bitcoin as Shares Slide, Buys Another $54M

Metaplanet (3350), a Tokyo-listed investment firm, said it bought another 463 bitcoin (BTC), emphasizing the cryptocurrency’s long-term shareholder value even as its stock fell more than 7% to sit at half the value it held in June.

The latest purchase cost the company 7.995 billion yen ($540 million) at an average price of 17.3 million yen per bitcoin and takes total holdings to 17,595 BTC. In all, Metaplanet has paid some 261.28 billion yen for its stash.

The purchase comes amid a slump in Metaplanet’s share price, which slid to 987 yen on Monday, almost 50% below its June peak. With its value reflecting both the changing price of bitcoin and the increase in its BTC holdings, Metaplanet is positioning itself as Asia’s closest proxy to a bitcoin exchange-traded fund.

The company reported BTC Yield, which gauges bitcoin accumulation per share, of 309.8% for fourth-quarter 2024 and 129.4% for the second quarter. The yield has slowed to 52.6% as of Aug. 4.