Metaplanet Acquired Bitcoin for $632.5 Million and Entered the Top 5 Public Holders

The Japanese company Metaplanet announced the largest deal in its history — the acquisition of 5419 BTC for $632.5 million. The average purchase price was $116,724 per coin, reported the company’s CEO Simon Gerovich.

With this transaction, the total volume of bitcoins on the company’s balance sheet reached 25,555 BTC, purchased for a total of $2.7 billion at an average price of $106,065 per coin.

According to analysts, Metaplanet now ranks fifth among public corporate bitcoin holders, surpassing the cryptocurrency exchange Bullish. The leader remains MicroStrategy, holding 638,985 BTC.

The company continues to actively develop its digital assets division. In early September, Metaplanet raised $1.4 billion through the issuance of 385 million new shares, which are planned to be used for further bitcoin purchases.

Recently, the board of directors approved the creation of a subsidiary, Metaplanet Income Corp., in the United States. The new business will focus on generating income from bitcoins — through derivatives and related financial products.

The market reaction was mixed. In Japan, Metaplanet shares fell by 0.5% by mid-trading on Monday and lost 27.5% over the past month. However, since the beginning of the year, the company’s shares have risen by almost 74%. Metaplanet’s American depositary receipts rose by 3.8% last week, reaching $4.09.

It was previously reported that investments in bitcoin brought GameStop more than $28 million in unrealized profits — the asset’s growth of almost 18% since May positively affected the retailer’s balance sheet.