Metaplanet Bitcoin Purchase Takes Holdings to 20K BTC, Overtaking Riot Platforms

Coin Desk 2 months ago 169

Metaplanet Inc. (3350) bought another 1,009 bitcoin (BTC ($105,985.00)), bringing its total treasury to 20,000 BTC and overtaking Riot Platforms (RIOT) to become the corporation with the sixth-largest treasury holdings of the largest cryptocurrency.

The purchase, valued at roughly 16.5 billion yen ($112 million), demonstrates the Tokyo-based company's commitment to positioning bitcoin as a core reserve asset. Its total bitcoin purchases now amount to 302.3 billion yen at an average cost of 15.1 million yen per BTC, according to a filing released Monday.

The pace of the firm’s bitcoin accumulation has made it Asia’s most prominent publicly traded adopter of the cryptocurrency. From July 1 to Sept. 1, the company achieved a BTC yield of 30.7%, while its multiple to net asset value (mNAV) sits just below 2.

Shares of Metaplanet fell 5.5% to 831 yen.

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