Hold onto your digital hats because Metaplanet is making waves in the crypto seas! Despite Bitcoin's recent dip, the Japan-based company has gone full throttle, amping up its stash to a whopping $168 million. Talk about doubling down!
Bitcoin took a bit of a tumble, losing nearly 10% of its value over the past week, leaving many investors feeling a bit jittery. But not Metaplanet! They just snagged themselves nearly 620 BTC, showing everyone they're still in it to win it.
This latest haul is Metaplanet's biggest Bitcoin buy yet. According to their official announcement, they snapped up 619.7 BTC, worth around $60.6 million, as part of their Bitcoin Treasury Operations. This move boosts their total Bitcoin holdings to 1,761.98 BTC, valued at nearly $168 million. Now that's what I call commitment!
Over the past half-year, Metaplanet has been busy bees, engaging in various financial activities like stock rights issuances and zero-coupon bonds to fuel their Bitcoin buying spree.
Their latest cash injection came from raising ¥5 billion (around $31.9 million) via their 5th Series of Ordinary Bonds. Before that, they issued another ¥4.5 billion bond, expected to mature in mid-2025. These moves have led to a jaw-dropping BTC Yield increase of about 310% in just a few months, cementing Metaplanet's status as a heavyweight in the corporate Bitcoin investment arena.
Dubbed “Asia’s MicroStrategy,” Metaplanet started its BTC journey in May, following the footsteps of the US-based crypto trailblazer. This bold strategy seems to be paying off as the company anticipates its first operating profit in seven years, thanks to their smart pivot to using Bitcoin as a treasury asset.
For fiscal year 2024, Metaplanet is forecasting a revenue boom to ¥890 million (around $5.8 million) from ¥261 million, expecting an operating profit of ¥270 million. This turnaround is largely thanks to their savvy use of Bitcoin put options, which reeled in ¥520 million, and the success of their Royal Oak Hotel in Tokyo.
So, while the Bitcoin market might be looking a bit bearish to some, Metaplanet is charging ahead with confidence and a strategy that’s turning heads. Who needs a crystal ball when you’ve got Bitcoin?
