Japanese investment firm Metaplanet has increased its Bitcoin holdings once again, acquiring an additional 150 BTC for approximately $12.5 million. The Tokyo-listed company revealed that the purchase was made at an average price of $83,508 per BTC, reinforcing its aggressive Bitcoin accumulation strategy.
With this latest purchase, Metaplanet now holds a total of 3,200 BTC, valued at around $265.9 million based on current market prices. The firm has been steadily growing its Bitcoin reserves as part of a long-term strategy to strengthen its treasury with digital assets.
Metaplanet launched its Bitcoin accumulation plan in April 2024 with an ambitious goal of reaching 10,000 BTC by the end of 2025 and 21,000 BTC by 2026. To support these purchases, the company recently raised 2 billion yen ($13.3 million) through a bond issuance, which was fully allocated to EVO FUND. This follows a similar bond issuance earlier in the year, also used to finance Bitcoin acquisitions.
Despite its continued investment in Bitcoin, Metaplanet’s stock price dipped slightly by 0.49% on Tuesday, closing at ¥4,030. However, the stock remains up 15.8% year-to-date and has surged 1,819% over the past year, according to Yahoo Finance. Meanwhile, Japan’s Nikkei 225 index posted a 1.2% gain on the same day.
The company has been consistent in expanding its Bitcoin holdings, with one of its largest recent purchases occurring on March 12, when it acquired 162 BTC, bringing its total holdings at that time to 3,050 BTC.
Bitcoin’s price movement has been under close watch, with the cryptocurrency struggling to maintain levels above $85,000. Traders remain uncertain about the market’s strength, as Bitcoin has not crossed the $90,000 mark in over a week. Despite a 30% decline from its all-time high of $109,354 on January 20, indicators in the derivatives market suggest resilience.
The Bitcoin basis rate, which measures the premium of monthly futures contracts over spot prices, has rebounded after briefly signaling bearish sentiment. While the current 5% basis rate is lower than the 8% recorded two weeks ago, it remains within neutral territory, suggesting that leveraged buyers are still active in the market, though with more caution.
In another sign of investor confidence, Bitcoin spot exchange-traded funds (ETFs) recorded a single-day inflow of $274.59 million on March 17, reflecting renewed interest in the asset. BlackRock’s iShares Bitcoin Trust (IBIT) led the inflows among Bitcoin investment products with $42.26 million in new capital.
However, broader market sentiment remains mixed, as digital asset investment products have experienced five consecutive weeks of outflows, with a total of $1.7 billion withdrawn in the past week alone. While long-term Bitcoin holders like Metaplanet continue to accumulate, the short-term market outlook remains uncertain as traders assess the strength of the current cycle.
